Results missed on higher opex. Earnings growth guidance of 30% To scale a brand Underlying business not as bad as profit warning; but with no recovery difficult to get constructive 天然气销售前景光明，维持“买入”评级 金属市场依旧黯淡，维持“减持”评级 简要分析：业绩符合预期；机车/货车业务疲弱，高铁业务稳健，城轨业务强劲 Above expectations on PE realized gain; new businesses on track Below expectation on margins; balance sheet further deteriorated 2015年盈利下滑55.1% In line with expectations: Resilient shipment and margin guidance