Strong robot business control software and system integration capabilities: The company independently develops robot motion control systems, and has strong overall system integration capabilities for robots and automated production lines. It has broken out of the heated competition category of simple industrial robots and entered the system integration blue ocean market reflecting the strength of software technology. Normally, the software part of an automated production line that realizes system integration accounts for 30% of value, and the profit level is higher than that of the robot itself and production line hardware. The company just established Shanghai Panda Robotics Company this year to vigorously develop industrial robot R&D and sales business. In the future, the Japanese research team will be integrated into Shanghai to facilitate the R&D process. The company's purification plant has leading fully automatic transmission technology in China, and its products are highly competitive in the LCD panel production industry, and have basically covered the construction of LCD panel production lines for group companies. As the main producer of LCD panels in China, CLP Panda, the company's shareholder, CLP Panda announced: In 2015, the LCD panel production capacity was 1.08 million yuan, the SMD quartz crystal was 59276, and the touch screen was 22.2 million. The newly invested 8.5th generation TFT-LCD LCD panel production line will also form a manufacturing capacity of 6.7 million sets of bare screens (opencels) per month, 4.4 million sets of LCD modules and television sets (BMS). All need to build automated production lines. Coupled with the automated transformation of the original production line, the company's orders are expected to grow steadily. China Power Group's state-owned enterprise reform is speeding up, and expectations for high-quality asset injection are strong: Currently, the Great Wall Information and Great Wall Computer, a subsidiary of CLP, have been suspended and awaiting restructuring, indicating that CLP Group's state-owned enterprise reform process is speeding up. The company's shareholders, Nanjing Changjiang Electronic Information Industry Group Co., Ltd. (mainly engaged in radar), Nanjing Coreda Electronic Equipment Co., Ltd. (mainly engaged in electronic confrontation), Nanjing Panda Handa Technology Co., Ltd. (mainly engaged in military communication services - satellite communication shortwave communication), and Nanjing Sanle Electronic Information Industry Group Co., Ltd. (mainly engaged in military vacuum electronic boards) had annual revenue of about 3.5 billion yuan and net profit exceeding 500 million yuan, respectively, 1 times and 3 times the company's 2014 revenue and net profit. If these four companies are injected, they will greatly improve the company's business structure and profitability. Investment suggestions: The company has unique advantages in robot control software systems and automatic transmission production lines for purification plants, and the industrial automation equipment business is growing strongly. We predict that the company's EPS for 2015-2017 will be 0.22/0.24/0.30 yuan, respectively. Furthermore, considering the company's strong asset injection expectations, an investment rating of “increased holdings - A” was given, and the target price for 6 months was 21.60 yuan, which is equivalent to a dynamic price-earnings ratio of 90 times that of 2016. Risk warning: Industrial robot market development, changes have occurred in the Group's arrangements for injecting military assets, etc.