Investment Highlights The company disclosed its 2018 three-quarter report, and the results were in line with market expectations. The company achieved operating income of 217.63840 million yuan in the first three quarters, up 37.24% year on year; net profit attributable to listed companies was 129.884 million yuan, up 158.9% year on year. The company expects the net profit range attributable to shareholders of listed companies in 2018 to be 192,4398 million yuan to 21.50798 million yuan, an increase of 70%-90% over the previous year, corresponding to achieving net profit attributable to 62.5594 million yuan to 85.194 million yuan in the fourth quarter of 2018, and the year-on-year change range of -1% to +35% in a single quarter. The company's third-quarter results are in the middle of the previous guidance range, and the fourth quarter results are in line with market expectations. Endogenous and epitaxial co-drive high growth. In terms of traditional business, as the company adjusted the export market and the impact of exchange rate changes, and market demand increased, traditional fisheries-related business revenue increased year-on-year, and the production capacity of the feed and feed ingredients business continued to expand; in terms of new business, revenue continued to grow during the Martian Era, and consolidated from August 2017, driving high growth throughout 2018; the company's acquisition of Kaimo Vision was completed at the end of June 2018, bringing a significant increase in the company's third-quarter results. With the integration of Mars Era and KaimaVision, the company's business structure was further optimized, and profitability continued to increase. The company's gross margin reached 25.03% in the third quarter of 2018, an increase of 4.69pct over the previous year. In the future, as the revenue share of the emerging culture and education business increases, we expect gross margin to continue to increase. The traditional business is safe in the short term, and the future of the education and culture business is promising. From 2014 to 2017, the export volume of tilapia products in China was 403,000 tons, 392,600 tons, 394,000 tons, and 4080,000 tons respectively. Currently, we are still maintaining our judgment on the growth of the company's tilapia processing and export scale in the short term; the feed and feed ingredients business is expected to maintain steady growth with the gradual release of production capacity in the early stages. We look forward to the continued expansion of the education and culture business, including the merger and acquisition of Kaimo Vision to achieve business collaboration, and the company's announcement to cooperate with Guangxi Institute of Information Technology to open and expand a new business model, which is expected to bring medium- to long-term growth potential. The company is steadily leading the digital art vocational education segment, and the prospects are promising. Maintain a “buy” rating. We expect the company's 2018/2019/2010 EPS to be 0.55/0.65/0.70 yuan, respectively, and the corresponding PE will be 14/12/11 times, respectively, maintaining a “buy” rating. Risk warning: Competition in the vocational training market exceeds expectations, company business integration risks, exchange rate fluctuations, feed business capacity expansion falls short of expectations.