Investment highlights: The company's main business now revolves around software+services. The front-end is sold to vendors while ongoing services are billed on an hourly basis. At this stage, the company is also expanding its business in different downstream areas, while digging deeper into customer needs and providing new products and services. The company previously implemented large-scale project marketing to companies such as Zhonglian and XCMG. Long-term service contracts play an important role in the company's more stable growth. The construction of such a major project will be one direction for continued efforts in the future. And the acquisition and construction of large amounts of data will also provide the company with greater barriers to competition. The core operating assets of the Mergers and Acquisitions Business Friends Group are Shanghai Merchants, Hangzhou Rott, Beijing Merchants, and Japanese Merchants. The company's main payment method is cash; the rest was completed through the issuance of 12.68 million shares to complete the acquisition and supporting financing. The company uses cash on hand to acquire business surrounding the company, which is beneficial to the company's long-term layout. At the same time, since the main funding comes from cash, the short-term performance increase will also be very obvious. Profit forecast and investment advice: We predict that without considering mergers and acquisitions by merchants, the company's 2013-2015 results will be 0.06 yuan, 0.1 yuan, and 0.13 yuan, respectively. If the merger and acquisition can be completed in 2014, then the company's annual performance for the next two years will be: 0.27 yuan and 0.34 yuan. Corresponding to the current stock price, it was 55 times PE in 2014. We believe that the company's stock price already partially reflects merger and acquisition expectations and the concept of the Internet of Vehicles. Give the company a neutral rating for the time being. Risk warning: 1. The company's cash flow is stable, but the supporting capital for mergers and acquisitions depends on additional issuance, and mergers and acquisitions have certain policy risks. 2. The economic downturn has led to insufficient demand from downstream customers.