Report summary: In the first half of the year, the company achieved operating income of 316 million yuan, up 22.44% year on year; net profit attributable to shareholders of listed companies was 21.8495 million yuan, down 31.18% year on year. The reason for the decline in net profit was the transfer of shares in Anhui Mengwei Video Company in the same period last year, which led to an increase in the comparative base; net profit attributable to shareholders of the parent company after deducting non-recurring profit and loss was 1.858 million yuan, up 6.70% year on year; earnings per share of 0.10 yuan. The core business, expressway system integration, achieved revenue of 178 million yuan, a slight decrease of 3.39% over the previous year. It is understood that there is little settlement capital for current projects, yet projects started in the first half of the year are still growing, and it is expected that revenue growth will still be positive throughout the year. Port shipping, urban intelligent transportation, and intelligent security businesses have achieved good growth. Revenue in the first half of the year increased by 78.90%, 38.36%, and 437.38% respectively; port shipping system integration is a key business development direction, with gross margin in the first half of the year being 40.94%; the urban intelligent transportation business began to expand in the province last year, and is currently growing rapidly, but the revenue base is still relatively small. According to the requirements of the Ministry of Transport, the work on the National Highway Electronic Non-Stop Toll Network is progressing, and efforts are being made to basically achieve a nationwide ETC network by the end of 2015. The ETC coverage rate at main toll gates has reached 100%, and the company will benefit from the increase in business demand brought about by the national ETC network. The company's targeted additional distribution plan has been reviewed by the Securities Regulatory Commission and can be issued after obtaining approval documents. Fund-raising in place will advance the construction process of the fund-raising project. Furthermore, the company expects to push the company to grow bigger and stronger through epitaxial expansion, and asset acquisition may be in planning. In 2014-2015, the company's net profit attributable to the parent company's shareholders is expected to increase by 11% and 18%. EPS is 0.37 yuan and 0.43 yuan respectively, and corresponding PE is 30 times and 26 times, respectively. The investment rating of increased holdings was maintained based on the steady support of the company's original business, and the expectation that the ETC nationwide network would promote the company's main business, the completion of fixed increases during the year to promote the company's project construction, and the company's external expansion. Risk warning: market competition is too intense, performance growth falls short of expectations, etc.