Key investment points: Research purpose: The company's diversified business development continues to advance, so we conducted research on the company. Research conclusion: The company's performance will rebound to the bottom. The company's traditional protection business accounted for about 68.95% of revenue in 2014, and is still the company's main source of revenue. In the fourth quarter of 2014, the company's net profit deducted from non-return mother was about 9.41 million yuan. By the first quarter of 2015, the net loss after deduction had narrowed to 8.5058 million yuan month-on-month. According to the first quarterly report, according to our preliminary estimates, the company's net profit deducted from non-return to mother in the second quarter will reverse losses, with an approximate profit range of 5 to 10 million yuan. The prototype for a diversified business platform is beginning to take shape. (1) The company established Evergrande Auto Era as a joint venture with Shanghai and Canada to enter the automotive aftermarket. In the early stages, private gas stations were integrated through gas card platforms, thereby extending platform services to other business areas. (2) The company applied to initiate the establishment of a precious metals exchange. If approved, it will become the most comprehensive variety of metals exchange in Jiangxi Province. (3) In terms of waste heat power generation, in addition to constructing projects such as Fujian Dingxin in the form of a general contract, the company is also cooperating with Lou, Shanxi to build a cement production line waste heat power generation project. It is expected that it will be completed and put into operation in 2015 to contribute to profits. (4) Heilongjiang Evergrande Hi-Tech established by the company will use its technical advantages to usher in rapid development in intelligent power savers and water purifiers. (5) The company signed a four-party framework agreement to participate in the construction of the “Sanya Smart City Big Data Application Project and Wireless Government Private Network Project”, and officially entered the smart city field. (6) The company completed the acquisition of Hengxing Acoustics and entered the field of noise protection. (7) The company cooperated with the Jiangxi Geological Exploration and Design Institute to establish Evergrande Environmental Resources Development Co., Ltd., which is involved in the exploration and development of mineral water and hot springs. The company will later use it as a business platform to carry out moderately diversified development around energy saving and environmental protection, circular economy, etc. Covered for the first time, it gave an investment rating of “increase in holdings.” The company's performance has bottomed out and rebounded, and the diversified business will gradually expand in the future. There are many highlights. We are optimistic about the company's future development. The company's 2015-17 EPS is expected to be 0.08 yuan, 0.11 yuan, and 0.15 yuan respectively (not taking into account diversified businesses that have not yet been profitable), giving it an investment rating of “increase in holdings.” Risk warning. The risk that various business developments will fall short of expectations.