1. The company has gradually changed to an investment-controlled company. The company's business includes opto-mechatronics products, semiconductor components products, television digital network editing and playback system, information technology and office automation, each business belongs to different branches. The company is gradually becoming an investment-controlled company. Through the continuous efforts of the company, the performance of Zhongke Dayang and Daheng Image has grown steadily, while Daheng Laser and Ningbo Mingxin have turned losses into profits, making the company in the stage of comprehensive growth.

two。 Ningbo Mingxin is involved in semiconductor power devices, and its performance is expected to increase significantly. Due to the introduction of 90 million yuan of closed test equipment for power devices, the production capacity of the enterprise has been greatly increased, and the strong demand at home and abroad has made Ningbo Mingxin turn losses into profits in the first half of the year, and is expected to reach the sales level of 400 million yuan for the whole year. Ningbo Mingxin has been in Japan NIEC (NIEC is the production of semiconductor power devices listed companies in Japan) comprehensive cooperation: pre-NIEC transfer part of the closed test equipment, and most of the closed testing products outsourced to Ningbo Mingxin; later the two sides will be in the domestic joint venture to establish a power device chip factory. Ningbo Mingxin can enter the upper reaches of the industrial chain with the help of partners and effectively improve the gross profit margin of products.

3. Daheng Image is a major supplier of equipment and solutions in the field of video image processing. Daheng Image mainly provides image acquisition cards, industrial cameras, intelligent cameras, image processing systems and other products, including industrial inspection, transportation, finance and other fields. Among them, the market space in the field of industrial inspection is huge. At present, the adoption rate of automatic testing equipment in domestic factory production lines is low, and many of them still use manual visual inspection. The use of automatic industrial testing equipment can improve production efficiency and product quality and reduce costs. At present, Foxconn, BYD and other enterprises are Daheng image customers. The demand for intelligent transportation equipment has also continued to rise in recent years. At present, the video capture card of Daheng image has a market share of more than 90% in Beijing.

4. The 20% equity transfer of Nuoan Fund and the listing of Ningbo Hualong are expected to bring new growth to the company's performance. On December 8, 2007, the company was transferred to the 20% equity of Nuoan Fund Management Company held by Zhongguancun Science City Construction Co., Ltd. the equity transfer has not been approved by the China Securities Regulatory Commission, and the company strives to complete the transfer within this year. After the completion of the equity transfer, the company is expected to receive an investment income of about 80 million yuan. Ningbo Hualong, which has a 28% stake in Ningbo Mingxin, is preparing for listing. Ningbo Hualong is one of the main production bases of the lead frame for semiconductor plastic packaging in China. According to the long-term plan of Ningbo Hualong, it plans to invest 280 million yuan in 3 to 5 years, forming an enterprise scale with annual sales of about 1.2 billion yuan. Nuoan Fund and Ningbo Hualong are expected to bring new growth to the performance of Daheng Technology.

5. Profit forecast and investment rating. It is estimated that the diluted EPS of the company from 2010 to 2012 is 0.21,0.23,0.29 yuan respectively, and the corresponding dynamic PE is 44.21,39.75,31.65 times respectively. We give the company a "neutral" rating.