Incidents: 1) The company disclosed its quarterly report. In the first quarter, the company achieved operating income of 399 million yuan, an increase of 11.15% over the previous year, and net profit of 50.84 million yuan, an increase of 10.38% over the previous year. 2) The company appointed Joshua Spector, former Netafim (Netafim) Asia Pacific Operations Director and Head of China, as CEO of Daewoo Israel. PPP orders are being implemented at an accelerated pace, and profitability has increased, helping performance continue to grow at a high rate. Since 2016, due to the country's increased investment in agriculture and rural areas and the implementation of the PPP model in the field of agricultural and rural infrastructure construction, the company's leading advantages have been highlighted, and orders have grown rapidly. In 2017-2018, the company's new orders reached 3 billion and 4.5 billion, respectively, with year-on-year growth rates of 88% and 52%, respectively. Furthermore, as the company's large PPP orders continue to be implemented, the company's profitability is also expected to continue to improve, contributing to high performance growth. In the first quarter of 2019, the company's performance continued to grow, which is the result of the company's continuous increase in orders and profitability in recent years. Rural revitalization brings a period of opportunity for the company's development, and the traditional main business is expected to continue to grow at a high rate! In September 2018, the “National Rural Revitalization Strategic Plan (2018-2022)” was officially released, proposing to strengthen agricultural and rural infrastructure construction, and the development of water-saving agriculture ushered in a period of opportunity. We expect agriculture and rural areas to become a top priority in the country's development and investment. Currently, the industry is still at a stage of racing. The company is the leader, and its competitive advantage is prominent; the company has strengthened cooperation with local water investment and operation platforms and financial platforms such as Cathay Pacific Water Conservation, Shanxi Water Investment, Qinghai Water Investment, and Henan Water Investment, etc., and the card position has been achieved. As the partnership progresses, we expect the company's orders to continue to grow rapidly. Business expansion continues to advance, opening up space for the company to grow! Extend from government business to enterprise business and transform high-standard farmland operators. Drawing on the business model and successful experience of leading international water-saving enterprises and adapting to the development trend of modern agriculture in China, the company will rely on its experience and advantages in the field of farmland construction and operation to develop non-government market resources to provide farmers, enterprise groups and other customers from farmland standardization, agricultural IoT technology services, farmland operation, farm planting technology services, etc., which will further open up space for the company's growth! Taking advantage of the Belt and Road, overseas business continues to advance. In recent years, the company has continued to promote the expansion of overseas business, especially in Africa, Southeast Asia, Israel and other places. This time, the company appointed the former Netfim Asia Pacific Operations Director and China Regional Director as the president of the Israeli company, which will strongly promote the company's business expansion in Israel and the absorption and introduction of advanced technology from Israel. Giving a “buy” rating: The company is expected to achieve revenue of 25.50/3318/4.272 billion in 2019-2021, an increase of 43.29%/30.12%/28.75%, achieve net profit of 2.06/3.04/451 million, an increase of 105.87%/47.21%/48.62%, corresponding to EPS of 0.26/0.38/0.57 yuan, respectively, and the PE corresponding to the closing price of 8.47 yuan on April 25 is 33 times, 22 times and 15 times, taking into account the company Broad development space and rapid growth in performance continue to be given a “buy” rating! Risk warning: 1. National policy changes; 2. Order implementation falls short of expectations; 3. Business transformation falls short of expectations.