The incident company released its 2018 three-quarter report. From the beginning of the year to the end of the reporting period, it achieved revenue of 1,683 million yuan, an increase of 29.47% over the previous year; realized net profit of 480 million yuan, an increase of 31.53% over the previous year; and realized net profit after deducting 434 million yuan, an increase of 29.31% over the previous year. EPS 0.24 yuan. Briefly comment on the steady growth of the new energy power generation business, the company added 8MW of PV installed capacity in the third quarter. At the end of the third quarter, the total installed capacity of photovoltaics and wind power had reached 1.32 GW. In the first three quarters, the amount of electricity settled for photovoltaics was 1,097 million kilowatts, and the amount of electricity settled for wind power was 125 million kilowatts. A rough estimate of electricity revenue reached 940 million yuan. The gross margin of the company's new energy power generation business is higher than 60%, which can provide the company with continuous and stable cash flow in the future. High-end equipment business is expected to explode. The company has maintained a leading edge in equipment such as monocrystalline silicon growth furnaces and polycrystalline silicon ingot furnaces, with a gross margin of more than 40%. In December 2017, a contract for 300 million flexible shaft monocrystalline silicon furnaces was obtained, and revenue was confirmed in 18H1, which led to a year-on-year increase in the current performance of this business by more than 500%. There is still a possibility that the outbreak will continue in the future. There was an increase in gross margin and net margin. The company's comprehensive gross margin and net profit margin were 47.10/ 28.05% respectively during the reporting period, up 5.99/1.45 pct from the previous year. The sales/management/finance expense ratio during the reporting period was 1.36/5.72/ 10.02%, respectively, with a year-on-year change of +0.09/+3.95/-1.62 pct. The high financial costs are mainly due to the increase in short-term bank loans in the current period. The company's revenue for the 18-20 year is estimated to be 28.05, 34.75, and 4.145 billion yuan, respectively, and net profit of 608, 9.29, and 1,312 billion yuan respectively. The corresponding EPS is 0.30, 0.47, and 0.66 yuan, respectively, and the corresponding PE is 10.2, 6.7, and 4.7 times, respectively, covering the first time, giving it a “buy” rating, with a target price of 3.80 yuan. Risk warning: 1) PV equipment orders and production schedules fall short of expectations; 2) Risk of changes in wind power and PV subsidy policies.