Report Summary: Performance is in line with expectations. From January to December 2014, the company achieved revenue of 1,067 million yuan, an increase of 18.42% over the previous year. In 2014, the company achieved net profit of 154 million yuan, a year-on-year decrease of 7.87%, and earnings of 0.3222 yuan per share. It plans to distribute a cash dividend of 0.5 yuan (tax included) to all shareholders for every 10 shares, and use the capital reserve fund to transfer 3 shares for every 10 shares to all shareholders. The main business is growing steadily, and the robot business has developed greatly. Revenue from the company's main business, the mold and vulcanizer business, has been growing steadily, with a growth rate of about 18%, and gross margin falling by 2 percentage points. The robotics business achieved rapid growth, achieving revenue of 6.21 million, a tenfold increase. The impact of expenses and accrual of bad debts on performance is obvious. The company's expenses for the period were 17.2%, an increase of 2 percentage points over the previous year. Among them, sales expenses increased by 63% and financial expenses increased by 52%. Asset impairment losses were affected by accrued bad debts to 16.72 million, an increase of nearly 10 million. The robotics business will be the biggest focus, and the 4.0 concept is authentic. At present, the company's research and development of various robot products is mature. We believe that a financing platform based on the tire industry, strong alliances, and listed companies will help the company's robots quickly open up the market, and it is expected that the company's robots will grow faster in 15 years. The company is a 4.0 authentic concept stock. There have been cases of automated transformation of tire production lines, good customer feedback, and breakthroughs are expected in other fields in the future. Maintain a “buy” rating, with a target price of 25 yuan. It is estimated that the company's 2015 and 2016 EPS will be 0.39 yuan, 0.49 yuan, and 0.61 yuan respectively, and the corresponding PE will be 47X and 37X. Maintain a “buy” rating, with a target price of 25 yuan.