Guide to this report: The company has completed the layout of the entire industrial machinery industry chain. In the era of gradual disappearance of the demographic dividend and intelligent manufacturing, the company's robotics and motion control business will gain a first-mover advantage and become the core driving force for performance growth. Investment highlights: First coverage, giving an increase in holdings rating. The company is a leading enterprise in the field of electrical transmission and motion control. Its products include industrial robots and motion control, energy saving and industrial transmission, and elevator control products. The 2017-2019 EPS is expected to be 0.31, 0.37, and 0.44 yuan. Referring to the overall valuation level of the industrial control and industrial robot industry, the target price is 14 yuan, corresponding to 45XPE in 2017. First coverage, increased ownership rating In the era of intelligent manufacturing, industrial robots and motion control will be the driving core of successful company growth. The company has now completed the entire industry chain layout of “key core components - body - engineering application - teleinformatization” of industrial robots. In 2016, the company's robot and motion control product business revenue reached 1.75 billion yuan, an increase of 397% over the previous year, accounting for more than 64% of the company's overall revenue; sales of robot bodies exceeded 800 units. According to the company's plan, in 2017, revenue from the robot and motion control products business will exceed 2 billion yuan, and the sales volume of self-produced robot bodies will reach 1,600 units. Currently, under the gradual disappearance of the demographic dividend and the general trend of intelligent manufacturing, the company is expected to rely on its pioneering layout in the field of motion control and industrial robots to take the lead and become a driving force supporting the company's continuous development. The elevator control business is growing steadily, expanding the competitive field of inverter segmentation. The company is on a par with Huichuan Technology in the field of elevator control. In the future, the company will focus on developing advantageous customers, focus on areas such as elevator renovation in old houses, and strive to ensure the stable and continuous development of the elevator control business. In the field of inverters, the company will change the situation where it has previously been involved in many points, choose to focus on key industries and key customers, and strive to form 2-3 representative market segments. By focusing on advantageous areas, the company's inverter and elevator controller business is expected to maintain the momentum of continuous development and drive the company's performance growth. Risk warning: The expansion of the new product market does not meet expectations, and the downstream industrial control industry is not prosperous enough