2016 to be another tough year, sales/margin recovery unlikely; Sell Still growing but slower than expected 2015 results review Seeking earnings quality 2016: promotions to decline, top line growth to resume Positive read on Shanghai 2016-17 new energy vehicle supportive policy Analyst briefing takeaways: no clarify on risk compensation; oil drilling slowdown and pipeline delay confirmed Consistent growth and strong margins A wake-up call when the market slows: downgrade to Neutral Neutralize UW position