Guide to this report: The sharp increase in power generation helped Q3 revenue reach a new quarterly high. The company plans to acquire overseas solar energy projects, increase its clean energy layout, and raise the rating to “increase holdings.” Investment points: Investment recommendations: Maintain the profit forecast. The 2017-2019 EPS is expected to be 0.30, 0.33, and 0.36 yuan. Considering the large increase in power generation, the company's Q3 revenue reached a new high in a single quarter, sales of the Garden Phase II residential project during the year are expected to significantly increase its annual performance, giving the company a valuation premium of 25 times that of 2017, with a target price of 7.5 yuan, and an increase in the rating to “increase holdings.” On October 30, the company released its three-quarter report. Revenue for the first three quarters of 2017 was 10.446 billion yuan, up 21.11% year on year; net profit was 804 million yuan, down 39.93% year on year. Meets expectations. Q3 Power generation increased significantly, and revenue reached a new quarterly high. Feed-in capacity in Q3 was 9.027 billion kilowatt-hours, an increase of 1.63 billion kilowatt-hours over Q2 (of which coal-fired power generation increased by 1,041 million and gas power generation by 788 million). The surge in power generation led to a sharp increase in revenue. Q3 achieved revenue of 4.272 billion yuan, an increase of 661 million yuan over Q2, a new quarterly high in recent years. Q3 gross margin continued the upward trend in Q2 and continued to increase by 1.03 percentage points month-on-month to 27.03%, further improving profitability. However, Q3 investment income decreased by 68 million yuan compared to Q2, which slightly dragged down performance. Q3 achieved net profit of 400 million yuan, an increase of 110 million yuan over Q2, an increase of 37.6% over the previous month. Acquire overseas solar energy projects and increase the clean energy layout. The company plans to invest in the establishment of subsidiaries to acquire three solar power plants in the US at a purchase price of US$232 million and a total installed capacity of 664,000 kilowatts. At present, the acquisition has been reviewed and approved by the company's shareholders' meeting, and still needs approval from the relevant authorities in China and the US. If the acquisition is successful, the company can increase its efforts to develop clean energy projects such as photovoltaics, wind power, and gas power plants in the US. At the same time, the company can also rely on US projects to further expand the North American and South American energy markets and enhance the company's international competitiveness. Risk warning: coal prices have risen more than expected, electricity demand is weak