Incident: The company achieved operating income of 9.414 billion yuan in the first three quarters of 2017, an increase of 0.35% over the previous year; achieved net profit attributable to shareholders of listed companies of 48.403 million yuan, corresponding to EPS of 0.01 yuan. The company achieved operating income of 3,030 billion yuan in the third quarter of 2017, an increase of 13.37%; achieved net profit attributable to shareholders of listed companies of 24.391 million yuan, an increase of 51.13% over the previous year; the company expects to achieve net profit of 50 to 150 million yuan in 2017, turning a loss into a profit. Comment: Financial indicators for the third quarter improved to maintain the profit situation. The company continued to reverse losses to profits since the second quarter. Various financial indicators improved. Net cash flow from operating activities during the reporting period increased by 107.78% over the same period of the previous year, net increase of 41.59% over the same period of the previous year, achieved operating income of 3,030 billion yuan in the third quarter of 2017, an increase of 13.37%; net profit attributable to shareholders of listed companies was 24.391 million yuan, an increase of 51.13% year on year. It shows that the company has entered a healthy development path. The layout is efficient “black silicone+PERC” battery production capacity, and module shipments are stable. The company currently has a production capacity of 900 MW of high-efficiency batteries, and is expected to reach 2,000 MW by the end of 2017. The average efficiency of polycrystalline black silicon PERC batteries produced by the company reached 20.4%, achieving mass production, improving the company's competitiveness, and increasing gross profit margin. At the same time, the company currently has 2.5 GW of high-efficiency component manufacturing capacity. It is expected that in the second half of the year, component shipments will remain in a good state under the boom in downstream installations. The layout is distributed domestically to increase the share of overseas business. After the company experienced short-term losses in the first quarter, management actively took effective measures to expand the distributed product business domestically, increase the proportion of overseas business, and raise the company's profit level. Regarding distribution, the company actively promotes the “Xinyangguang” photovoltaic household system, while responding to the national photovoltaic poverty alleviation industry policy, increasing the development of EPC business, and actively participating in the construction of local government poverty alleviation projects. In terms of overseas markets, the company has set up subsidiaries in 6 countries and regions, including Japan, India, North America, Australia, Singapore, and Germany, and has set up representative offices in various countries and regions such as Thailand, South America, the Middle East, Southern Europe, and Africa. Profit forecast: We believe that as a leading domestic PV module, the company's shipments are steadily increasing, and the opening up of overseas markets has brought new opportunities to the company's business. The company's 2017-2019 EPS is predicted to be 0.07, 0.13, and 0.20, giving it an “gain” rating. Risk warning: PV policy risks, the company's module sales fall short of expectations, and overseas expansion falls short of expectations.