Key investment points: The Ministry of Housing and Construction reiterated the importance of building integrated pipe galleries in new urban areas and emphasized the resolution of financial issues. At the National Urban Infrastructure Experience Exchange Conference held on October 18, Minister of Housing and Construction Chen Zhenggao emphasized that building integrated pipe galleries in new urban districts is an important way to solve the “road zipper” problem. China has planned to fully launch underground integrated pipe gallery pilot projects in 36 large and medium-sized cities across the country in about 3 years. In response to the current funding problem for urban infrastructure construction, it is necessary to further improve the price formation, adjustment and compensation mechanism for urban utility services, break down “glass doors, spring doors, and revolving doors,” and attract social capital for infrastructure construction. At the same time, clarify the contractual relationship between the government and enterprises, strive to cultivate a number of large enterprises and famous enterprises, and carry out chain management and specialized management. The potential market capacity of urban pipe galleries exceeds 50 billion yuan, and the Hunnan project has a national demonstration effect. “It is planned to fully launch underground integrated pipe gallery pilot projects in 36 large and medium-sized cities across the country in about 3 years” was first proposed in the “Opinions on Strengthening Urban Infrastructure Construction” issued by the State Council in September 2013. Based on only a rough estimate based on 36 pilot projects in large and medium-sized cities, the potential market demand is at least 50 billion yuan or more. Currently, construction has begun or is planned in many cities (Baotou, Hohhot, Nanning, Guangzhou, etc.). Lan Ying Equipment has experience in constructing integrated pipe galleries in Shenyang's Hunnan New Area, which is currently the largest in the country (26 kilometers, contract amount of 1,075 billion yuan), and is expected to gain a head start in the national construction boom in the future. The first phase of the pipe gallery was delivered at the end of October 2013 and entered the repurchase period. On October 31, 2014, 2015 and 2016, the government paid 2.64/2.85/271 million yuan respectively. The actual increase in project settlement is not included; the second phase will enter the repurchase period on June 30, 2015, and the remaining 260 million yuan will be paid over three years. The market's questions about the difficulties in repayment of government projects are being dispelled. The availability of capital and approval of the issuance of 260 million corporate bonds also provide a foundation for the company to sign new projects in the future. Maintain profit forecasts and buy ratings. We maintain the company's judgment that 2014-2016 net profit was 1.1/1.59/205 million yuan, and EPS was 0.41/0.59/0.76 yuan. We believe that the company is a high-quality enterprise that spans high-end equipment manufacturing, smart cities, and digital factories based on automation technology as the core. Uncertainties about the return of capital have been eliminated, and corporate bonds have been approved. We are optimistic about the company's ability and speed to expand in new fields and projects. Currently, the total market value of 4.1 billion dollars has huge room for growth, maintaining a “buy” rating.