Incident: 1). On February 10, the company issued the 2018 restricted stock incentive plan (draft) announcement. The number of restricted shares to be granted is 10 million shares, accounting for 3% of the company's current total share capital. 2) At the same time, the company released the business data announcement for the fourth quarter of 2017, and signed new orders of 404 million yuan in the fourth quarter, an increase of 110.7% over the previous year. Preferential incentives and a wide range of incentives, and a good mechanism to retain talents to help growth. According to the company announcement, the restricted stock incentive plan will grant 10 million shares, of which 8 million shares will be granted for the first time, and 2 million shares will be reserved; the incentive targets include directors, middle and senior management, and core personnel; the initial grant price is 6.08 yuan per share, 50% of the company's average stock trading price of 12.147 yuan/share in the 20 trading days before the company issued the announcement; the target price for this incentive plan is only 6.08 yuan, which is 60% of the closing price on February 9, 2018. There is a lot of room for price concession. The implementation of this incentive covers 101 people in the company, with a wide range of incentives, highlighting the company's determination to establish and improve a long-term incentive system. A good incentive mechanism will also successfully motivate employees, successfully bind the individual interests of the core team to the company's interests, and help the company develop in the long term; the performance constraints of the incentive plan are high, highlighting management's confidence in the company's development. The performance assessment target for lifting sales restrictions in the incentive plan is based on net profit attributable to shareholders of listed companies in 2017 after deduction. Net profit growth rates attributable to shareholders of listed companies after deducting share payment expenses and non-recurring profit and loss in 2018-2020 were 80%, 206%, and 359%, respectively. Performance constraints are clearly defined as “net profit attributable to shareholders of listed companies after deduction of stock payment expenses and non-recurring profits and losses”, reflecting the company's motivation to motivate employees while fully considering shareholders' interests. The performance target is equivalent to the company's net profit attributable to shareholders of listed companies after deducting share payment expenses and non-recurring profit and loss in 2018-2020. Performance constraints place high demands on incentive targets, while also highlighting the company's management's full confidence in future rapid growth. The company's new orders grew rapidly, providing support for high performance constraints in the incentive plan: the company went public in the 3rd quarter of 2016, equity financing and listing platforms provided good support for the company's business development. Since 2017, the company's new orders have shown a rapid growth trend. The company's announcement shows that from January to December 2017, the amount of new projects signed by the company was RMB 264,380.65 million, an increase of 354.80% over the same period last year. The number of new orders signed for the whole year was 5.18 times the company's 2016 operating income; PPP since 2017 Continued increase in regulations has affected the market. From the company's announcement of 404 million yuan in new orders for the fourth quarter of 2017, an increase of 110.70% over the same period in 2016; entering 2018, the company's new orders have maintained a good momentum. According to our summary of the announcement, in just over 1 month since 2018, the company has signed new orders (including pre-winning bids) of more than 1.1 billion yuan. It can be seen that the increase in orders has not slowed. At the same time, the company expects non-net profit to increase by 722-107 million yuan in 2017 The year-on-year increase of 103% to 153%. The high performance increase in 2017 reflects to a certain extent that the company's stock orders are progressing normally. The company has sufficient orders. Judging from the company's order business classification, ecological environment tourism and municipal gardens are the main ones. Ecological environment is one of the keywords of the 19th National Congress work report and is an indispensable part of beautiful China. The company's business projects are mainly ecological tourism and municipal gardens, and the project quality is highly guaranteed. We believe that the company has sufficient orders, and the project segments are good, providing support to a large extent for the rapid growth of performance in the company's incentive plan. Investment suggestions: The amount of new orders signed by the company has grown rapidly since 2017. At the same time, the company's 2017 extended mergers and acquisitions “Zhengzhou Water” layout will accelerate the company's growth; the company has now drastically promoted the restrictive stock incentive plan to further promote the enthusiasm of core team employees and add further impetus to the company's growth; since the company's incentive plan is in the draft stage, incentive expenses, etc. are uncertain, we will not adjust the company's performance estimates yet. It is expected that the company's revenue growth rates from 2017 to 2019 will be 92.9%, 56.2%, and 30.0%, respectively. Net profit growth rates were 109.4%, 53.1%, and 32.4%, respectively, with outstanding growth; maintaining an investment rating of increased holdings-A, the six-month target price was 13.8 yuan, which is equivalent to a dynamic price-earnings ratio of 20 times in 2018. Risk warning: risks such as the slowdown in PPP progress, the implementation of company projects falling short of expectations, rising capital costs, and the extension layout falling short of expectations