1. Cluster private network: Benefiting from the outbreak of public security PDT and the acceleration of rail transit investment, digital clusters were affected by the delay in starting PDT construction after the public security market established standards in 2013, and sales revenue fell 64% year on year, and revenue was 37.06 million yuan. The company is one of the few domestic manufacturers that can provide all PDT and TETRA systems and terminal products. It also targets customers in the public safety, utilities and transportation industries. As the main participant in the PDT standard, it has implemented several projects. Although the cluster business currently accounts for little revenue, it has shown strong competitiveness as the only domestic manufacturer entering the public security market and subway market at the same time. The majority shareholder, Putian Group, has obvious technical advantages in the field of communications, and already has PDT and LTE integrated networking solutions in terms of broad and narrow integration. 2. Financial electronics: Market share continues to expand, exploring financial services Financial electronics increased 19% year-on-year revenue and 23% year-on-year profit. Financial electronics products continued to grow rapidly through ATM and all-in-one purchases from shortlisted banks. In the existing product range, they have developed dual-screen loops, dual-screen ATMs, and products with title function, and participated in the formulation of national standards; as the main support for performance, the three-year compound growth rate of financial electronics products remained at 15%. The company actively entered the financial services sector and closely followed the interconnection on the basis of new products. The direction of network and smart finance business is to gradually expand the field of financial services through the establishment of an APP smart terminal financial service business management system. 3. Equity incentives contributed to a sharp increase in performance in 2014. According to the company's equity incentive exercise requirements, 2015 was the first time that the compound annual growth rate after deducting net profit from 2012 to 2014 is not less than 15.5%, corresponding to the 2014 net profit requirement to reach 75% growth. We believe that with equity incentives, the company is expected to achieve a significant increase in performance in 2014, and high performance growth can be expected in the next few years. As shown above, as a financial electronics and digital cluster, the company has TETRA and PDT technology, and is the manufacturer that has built the most TETRA networks in the domestic public security private network field. It will share the industry dividends brought by the “modular rotation number” of digital clusters in the next few years; while e-finance continues to expand its market share and new service models, it is expected that it will continue to maintain an important revenue pole. EPS is expected to be 0.25 yuan, 0.35 yuan, and 0.47 yuan in 2014-2016, maintaining the “recommended” rating. The risk suggests that the promotion of financial electronics and digital cluster projects has not met expectations;