Continue to invest in research and development around the bank's new needs, and comprehensively lay out new products. Judging from the company's product structure: 1) The company's banknote binders and binding machines have been continuously shortlisted for tenders at the head offices of major domestic commercial banks, and stability can be expected; 2) The company continues to invest in research and development around the new needs of banks to comprehensively lay out new products such as self-service ticket machines, self-service receipt machines, plastic packaging machines, sorting and packaging machines, and card issuers. The market space is more than five times that of the existing banknote binder and binding machine business, and is expected to be sold on a large scale in the future. It extends from bank front-end financial equipment hardware products to back-end software products. The company purchased 29.94% of Tangdi Technology's shares for 62.26 million yuan, used 68.24 million yuan to increase capital, and held 51% of the shares after completion. Tangdi Technology provides software products and system integration services for domestic and foreign financial institutions, Internet finance companies, and third-party payment companies; the company will assist Tangdi Technology in applying for credit reporting and payment business licenses from the People's Bank of China. Acquisitions and investments continued after listing, and expectations for mergers and acquisitions are strong. The company acquired 100% of Dongfang Xinghua's shares to expand the bank's remote counter system research and development; invested 53% to establish Delanite Communications to improve sheet metal design and processing capabilities; invested 5.1 million yuan, 4 million yuan, and 6 million yuan respectively to establish Hebei Chunran Energy Saving, Qianhai Huijin, and Hiroyan Huijin. Without considering the impact of the three companies on the company's performance, we expect the net profit of Tangdi Technology, Dongfang Xinghua, and Delanite Communications in 2015 to be 25 million yuan, 15 million yuan, and 20 million yuan respectively. Profit forecasting and valuation. The company is in an absolute leading position in the financial equipment industry. After listing, it completed new businesses and product lines through acquisitions and investments, expanding from bank front-end financial equipment hardware products to back-end software products, and laying out payment and credit reporting businesses. Expectations for future mergers and acquisitions are strong. We expect the company's EPS to be 0.46, 0.86, and 1.19 yuan respectively from 2014 to 2016. We are optimistic about the company's long-term development prospects and maintain a “buy” rating. Risk warning. Risk of falling or fluctuating gross margin of the company's main products; risk of mergers and acquisitions.