In preparation for inventory impairment, the company launched in 2014, the company expected net profit for the full year of 2013 - 142 million yuan - 147 million yuan, and the loss margin was higher than the company's original expectations of 60 to 65 million yuan. The main reasons for the decline in the company's performance were as follows: (1) Due to competition in the terminal market, product prices continued to decline, product profitability declined, and the gross margin of major projects was negative. At the same time, the utilization rate of production capacity was insufficient; (2) Impairment tests were carried out on inventory at the end of the period, and some inventories showed signs of impairment due to quality issues, order changes, etc., and corresponding impairment preparations were taken, leading to a decline in net profit. We believe that the market development and capacity utilization issues affecting the company's profits will be solved with deep intervention, and according to the inventory impairment plan, the company went into battle lightly in 2014, so the probability that the company's performance in 2014 exceeded expectations has greatly increased. The increase in shareholders' holdings shows confidence in the company's development, and the company's actual controllers will increase their holdings by 2 to 6 million shares over the next 6-12 months, and the management will increase their holdings by 600,000 to 900,000 shares. We believe that the majority shareholders and management increase their holdings are mainly optimistic about the development prospects after the restructuring of Optoelectronics, and are confident in the company's future growth space. We are also optimistic about the company's future growth space. The 2013 performance of Shenyue Optoelectronics is slightly higher than expected. Shenyue Optoelectronics is expected to achieve net profit of 72.5 million yuan to 77.5 million yuan in 2013, slightly higher than the original company's expectations of 72 million yuan. The performance confirms our judgment on Shenyue Optoelectronics, that is, the logic of Shenyue Optoelectronics's growth is customer development, excellent company management capabilities, and increased market share is the company's growth path. Huawei, Samsung, Yulong, etc. became customers in 2014. We are firmly optimistic about the growth brought about by customer development and performance in the traditional consumer electronics market. The forgotten automotive electronics company officially emerged in 2014. Shenyue Optoelectronics has always been active in the automotive electronics market and is a resistance screen supplier for well-known international and domestic automobile manufacturers. With the development of the automotive Internet, the company has developed capacitive screens for automobiles, using capacitive screens as carriers, and is actively developing the automotive Internet industry. We believe that the company and existing automobile manufacturer customers jointly develop automotive Internet products, which has a first-mover advantage, and automotive electronics will become the company's new growth engine. Profit forecasts and valuation estimates that the company's operating income for 2013-2015 was 4.94, 19.02, and 2,745 million yuan, respectively, with year-on-year growth rates of 2.16%, 285.02%, and 44.32%, net profit - 143, 137.65, and 211.49 million yuan, EPS-0.7, 0.57, 0.88, PE-20, 26, and 17 times. We believe that the traditional touch screen business is growing steadily through the introduction of new customers and increasing market share, and that the automotive electronics business is the next growth engine. As an automotive electronics company with scarce A-shares, the automotive electronics business will raise the company's valuation level and maintain investment suggestions for purchases.