The company's main business is expected to maintain a rapid growth trend in 2015. In terms of LED business, the company's production capacity for LED chip epitaxial films ranks third in China. Currently, all 92 MOCVDs have been put into operation. From a process perspective, the company's epitaxial film uses a 4-inch film process leading in the industry, and has independently developed corresponding supporting processing technology. A 4 inch film has a clear advantage over a 2 inch film in the utilization of production capacity. With the same production efficiency, we expect a 4 inch film to have a cost advantage of nearly 30% over a 2 inch film. The company's chip technology is at the cutting edge of the industry, and it is expected to occupy an advantageous position with its size advantage and cost advantage in the future when industrial competition intensifies. Overseas customers in the small home appliance business have obvious advantages. The company's small household appliances division has maintained steady business growth and overall profitability through measures such as continuously optimizing the customer structure, strengthening cost control, and using the Internet's emerging marketing model, while continuously enriching product lines such as maternal and child products - baby food supplements, multi-functional kitchen artifacts, etc. Overall, there is a clear reversal in the company's main business. The integration of the dealer platform and Rexroth Lighting is worth looking forward to. The dealer model is one of the core competencies of the lighting industry. We believe that from the perspective of the company's development, building a dealer platform and seizing control of Rexroth Lighting in 2015 will be an important step for the company to reshape its competitiveness, and it is very much worth looking forward to. Give the company a “buy” rating. We are optimistic about the future of the company's dealer platform integration. Once the dealer network integration is completed, the company will gain an important advantage in O2O and is expected to expand from lighting to other related fields of collaboration. The company's EPS is estimated to be 0.01,0.13,0.25 yuan from 2014 to 2016, giving it a “buy” rating.