Maintain the “increase in holdings” rating, with a target price of 11.4 yuan. The company turned a loss into a profit after accruing 46.56 million asset impairment losses in 2014. In 2015, its main online premium business will further recover. In terms of new business, virtual pension and military business will continue to advance, and it will enter a period of performance release. The adjusted company's EPS for 2014-2015 was 0.02 (downgraded 77%) /0.19 yuan, respectively. Referring to the average valuation of the industry, 60 times PE was given, corresponding to the market value of 4 billion dollars, and the revised target price was 11.4 yuan, increasing holdings. The main business is clearly picking up, and a large number of CMMB bad debts have been calculated. The company's performance report shows that it achieved revenue of 440 million yuan for the full year of 2014, an increase of 28.6% over the previous year, and net profit of 8.02 million yuan, a significant reversal of losses compared to the same period last year. On the one hand, the reversal in performance stemmed from the recovery of the Internet service industry; on the other hand, the company's strict control of expenses throughout the year also had obvious results. While reversing losses, the company raised a total of 46.56 million yuan in bad debts and losses, mainly accounts receivable from the radio and television CMMB. In addition to the 2013 accrual, the bad debts of the radio and television business have basically been calculated, so there will be no further drag on the bad debts of the radio and television business. Virtual pension and military informatization have become breakthroughs. The company's virtual pension business generated revenue in 2014, but due to limited investment, user expansion has not yet broken through in scale. Currently, it is mainly concentrated in Tianjin, Hainan and other places. We judge that the company has taken the lead in the field of virtual old-age care, and is expected to increase investment in 2015. Recently, the Ministry of Civil Affairs and 10 other ministries and commissions jointly issued policy opinions to encourage private capital to participate in the development of the old-age service industry, and support will exceed market expectations. Furthermore, the company has successively obtained full military salary quality and was approved in 2014 to establish a cluster communication system mobilization center for the Northeast region (Liaoning), which is expected to take a new step in the field of military informatization. Catalysts: New regional breakthroughs have been made in the old-age care business; substantial orders have been placed in the military industry. Risk warning: Competition in the old-age care business is intensifying; operators' network optimization promotion process falls short of market expectations.