Revenue increased 17.42%, net profit decreased by 48.13% due to a decrease in investment income due to a decrease in investment income, Yinjiang Co., Ltd.'s 2017 Q3 revenue was 366 million yuan, an increase of 17.42% over the previous year; net profit was 384.946 million yuan, a decrease of 48.13%, mainly due to high investment income last year, a sharp decrease in the current period; non-net profit of 379.829 million yuan was deducted, an increase of 18.37%. Daai Life Insurance Co., Ltd. is actively preparing. The smart city and smart transportation business added more than 700 million yuan in 2017Q3 orders, and the company added new orders (including those that won the bid but did not sign a contract, excluding framework general contracting projects) totaled 767.2497 million yuan. Among them, by field, the smart city business added 357.1437 million yuan of orders, the smart transportation business added 344,0191 million yuan, and the smart medical business added 66.0869 million yuan. The company's smart city turnkey projects are running well. As of the end of the third quarter of 2017, the company has successively signed strategic cooperation agreements with 33 local governments and established strategic general contracting partnerships. Some projects are still in the stage of deepening design and project promotion. The increase in loans raised financial expenses, and gross margin increased 13.05 percentage points. 2017Q3's sales expenses were 146.673 million yuan, an increase of 560.87% over the previous year; management expenses were 32.6434 million yuan, a decrease of 17%; and financial expenses of 11.625,200 yuan, an increase of 38.95%, mainly due to the increase in current orders and increased upfront investment, resulting in increased loans. The company's gross profit margin for Q3 2017 was 30.05%, up 13.05 percentage points from the previous year; the gross margins for the 1st and 2nd quarters of 2017 were 26.17% and 24.25%, respectively. Yinjiang Co., Ltd., a leading smart city solution provider and data operation service provider in China, is supported by traditional smart city business, seizing favorable market opportunities, and actively expanding innovative businesses such as big data operation services and AI applications in various fields of smart cities. It is establishing core competitiveness and new profit growth points in the original business fields and new business fields. Overall expectations for various businesses are good. Profit forecasts and investment recommendations We expect operating income from 2017 to 2019 to be 19.52/22.80/2,729 billion yuan, respectively, up 17.9%/16.9%/19.7% year-on-year respectively. Net profit from 2017 to 2019 was 1.72/2.04/241 million yuan, respectively, up 12.1%/18.6%/18.3% year on year. Earnings per share from 2017 to 2019 were 0.26/0.31/0.37 yuan, and the corresponding price-earnings ratio was 51.7/43.6/36.9 times, respectively. Give an increase in holdings rating. Investment risk Smart city business growth falls short of expectations.