It acquired Shanghai Tangdi Information and increased its capital. The payment and credit reporting business company used 62.26 million yuan to acquire 29.94% of Tangdi Technology's shares, used 68.24 million yuan to increase capital, and held 51% of Tangdi Technology's shares after completion. Tangdi Technology is a company that provides software products and system integration services for domestic and foreign financial institutions, Internet financial enterprises, and third party payment companies for payment and settlement, Internet financial management, and online loans. The main products are bank card collection, Internet payments, mobile payments, prepaid card issuance and acceptance, cross-border payments, virtual account systems, convenient payment systems, bank intermediary business platforms, direct sales banks, and P2P online loans. The performance promise is that the net profit from 2014 to 2016 will not be less than 14 million yuan, 22 million yuan, and 30 million yuan, respectively. In addition, the company will assist Tangdi Technology in applying for credit reporting and payment business licenses from the People's Bank of China. It acquired 100% of Dongfang Xinghua's shares and expanded the bank's remote counter system research and development company to acquire 100% of Dongfang Xinghua's shares with 17 million yuan. Dongfang Xinghua's main products include card issuers, integrated teller systems, VTM, etc., and has strong R&D capabilities in bank self-service equipment products. The company invested 53% to establish Delanite Communications to enhance sheet metal design and processing capabilities. The company invested 26.5 million yuan with Hebei Delanite Communications, Zhang Yanzhi, Yang Zhaowei, Wu Yumin, and Qien to establish Hebei Delanite Electromechanical Technology Co., Ltd. Through this investment, the company can quickly improve the level of sheet metal design and processing and expand the company's product line. Profit forecast and valuation We expect the net profit of Tangdi Technology, Dongfang Xinghua, and Delanite Communications in 2015 to be 22 million yuan, 15 million yuan, and 20 million yuan, respectively, with a weighted cumulative net profit of 36.82 million yuan. It is estimated that the company's EPS from 2014 to 2016 will be 0.46, 0.86, and 1.19 yuan, respectively. The company is in an absolute leading position in the financial equipment industry. After listing, through acquisitions and investments, comprehensive layout of payment and credit reporting services, bank remote counter system business, etc., we are optimistic about the company's development prospects and give it a “buy” rating. Risk indicates the risk that the gross margin of the company's main products will decline or fluctuate; the risk of acquisition integration.