Focus on electronic equipment and consumer electronics businesses. In 2013, Nanjing Panda completed its first refinancing, and in 2014, it acquired shares in Shenzhen Jinghua in cash, effectively enhancing the technical strength, market size and brand advantages of the company's electronic equipment and consumer electronics business. Welding robots have made a breakthrough. The welding robot products that Nanjing Panda focuses on cultivating have been shaped and sold in small batches. In the future, the company will increase R&D investment and marketing efforts in this business. As a new product in the electronic equipment business, welding robots are expected to become a new profit growth point for the company. China's e-asset consolidation is expected to accelerate. In the context of central enterprise reform, China Electronics will increase the asset securitization rate according to the idea of “one sector, one listed company.” Nanjing Panda is expected to be a military electronic asset integration platform owned by CLP Panda. Profit forecast and investment rating: We estimate that the net profit attributable to the parent company of Nanjing Panda from 2015 to 2017 will be 159 million yuan, 153 million yuan and 145 million yuan, respectively, and the corresponding EPS will be 0.17 yuan, 0.17 yuan and 0.16 yuan respectively. Considering that Nanjing Panda's robot business is still in a period of rapid development, and its expectations as a platform for CLP Panda's asset integration, coverage for the first time, we gave Nanjing Panda a “hold” rating. Stock price catalysts: Nanjing Panda welding machine robot receives large orders; China Electronics or CLP Panda accelerates implementation of asset integration. Risk factors: Market competition is fierce, and the company's product market share is declining; there is uncertainty about the development of new product technology; there is uncertainty about the marketing of welding robot products; and the integration of China Electronics or CLP Panda assets is slower than expected.