Key investment points: Downplay short-term performance, value long-term investment value Laser display+cloud computing+smart city operation The Trident business is the main line of future growth Report Summary: Costs have dragged down 14-year performance, and it is extremely valuable for investment in the long run. In 2014, the company achieved business revenue of 234 million yuan, an increase of 8% over the previous year, with net profit of 9.358 million. Significant increases in expenses and loss of performance due to inventory impairment. We are optimistic about the layout of the company's laser display and cloud computing centers, and suggest downsizing short-term performance and valuing long-term investment space. Highlight 1. Build a smart city operator with top-level planning capabilities and core independent products and solution capabilities. The company's smart city business is actively transforming into platform operation projects, cooperating with operators and leading manufacturers such as Huawei in the smart city business field to enhance the company's advantages in hardware and operation. At present, the company's cooperation projects involve many important provinces, laying a solid foundation for the company to develop the national market. Highlight 2. Accelerate the industrialization and marketization of a full range of high, medium, and low-end laser display products. The company is positioned in the high-end projector market (products above 10,000 lumens). Currently, the domestic market has shipments of more than 10,000 units, and the market space exceeds 10 billion yuan. The company has set up a laser application technology research institute with the goal of establishing a provincial engineering research center, building a school-enterprise joint R&D base, and integrating industry chain resources for forward-looking technologies such as laser scanning and imaging technology and naked eye 3D technology. Highlight 3. Promote the rapid transformation of data center business. The company's Ordos layout occupies a resource advantage, and is laying out an autonomous and controllable transmission network that can reach developed regions of the country. In the future, it will use the “resource+transmission network” advantage to provide high-quality and low-cost cloud computing services to customers across the country. Maintain a “buy” rating. We are strongly optimistic about the company's Trident business development potential. We estimate that EPS will be 0.43, 0.94, and 1.72 yuan in the next three years, and highly recommended! The first target price is 50 yuan!