The company's main business, hydropower, is developing steadily and continues to contribute to cash flow. The installed capacity of the company's wholly-owned, controlled and shared power plants reached 220,000 kilowatts. Hydropower is the company's current main business. It achieved revenue of 271 million yuan in 2014, of which hydropower contributed 269 million yuan in revenue. The company's hydropower contribution revenue in the first half of 2015 was 135 million yuan, down from 151 million yuan in the same period last year, mainly due to low water supply in the first half of 2015, which led to a decrease in feed-in electricity volume. The company's net cash flow from operating activities in 2014 was 176 million yuan, and it has remained at this level for many years, contributing to the company's continuous stable cash flow. With the help of Xiang Ya's fraternity to enter the field of rehabilitation medicine, old-age services have also been laid out. The company cooperated with rehabilitation medical expert Mr. Zhou Jianglin to establish a joint venture and indirectly purchased 49% of Pok Oi Medical's shares, thus actually controlling Xiangya Fraternity and entering the field of rehabilitation medicine. In 2014, the Xiangya Pok Oi Rehabilitation Hospital achieved a basic revenue of about 100 million yuan, and the revenue growth rate for two consecutive years was over 50%. Mr. Zhou Jianglin signed a performance commitment. The net profit for 2015-2017 will not be less than 160, 18, or 20 million yuan, providing the company with a high margin of safety. The first pension project in the company's major health care industry layout is the Chunhua Health City Elderly Care Project. The company takes institutional care as its main business direction and cooperates with the Hunan Hi-Tech Venture Capital Health Pension Fund. It is expected that investment in old-age care projects will be increased in the future to achieve collaborative development of the rehabilitation, medical care and old-age care industry chains. The company is the only listing platform under Hunan Development Asset Management Group. The actual controller of the company is the Hunan Provincial People's Government. The actual controller controls the company through trusts or other asset management methods. In the future, they will use their advantages to provide policy, resource and other support for the company's development and encourage the company to grow stronger and bigger. In May 2015, the name of the controlling shareholder of the company was changed from “Hunan Development Investment Group Co., Ltd.” to “Hunan Development Asset Management Group Co., Ltd.”, and the group is expected to integrate its state-owned assets. The company benefited from the acceleration of the reform process of state-owned enterprises in Hunan. Currently, Hunan Development Asset Management Group Co., Ltd., which is managed by the Hunan Provincial Department of Finance, has been officially handed over to the Provincial State-owned Assets Administration Commission for management. We believe that the company, as the only listing platform under Hunan Development Asset Management Group Co., Ltd., is expected to benefit from the acceleration of the reform process of state-owned enterprises in Hunan in the future. Profit forecast and rating: The company is the only listing platform under Hunan Development Asset Management Group. Its main business, hydropower, contributes stable and continuous cash flow, benefits from the acceleration of the reform process of Hunan state-owned enterprises, and actively develops the “healthcare+pension” second main business. It is conservatively estimated that the company achieved revenue of 249 million yuan, 266 million yuan, and 272 million yuan in 15-17, and that the company achieved net profit of 150 million yuan, 156 million yuan, and 160 million yuan in 15-17. The company's EPS in 15-17 was 0.32 yuan/share, 0.34 yuan/share, and 0.34 yuan/share, respectively. The PE corresponding to the current stock price is 68 times, 64 times, and 64 times, respectively. First coverage, giving a buying rating