Focusing on the research and development of industrial printing technology, iSKY is committed to providing solutions and complete products in the field of industrial printing technology applications. It has successfully launched direct computer plate making machines (CTP), including offset CTP and flexographic CTP, and is a leading enterprise in related industries in China. At the same time, the company is also vigorously developing applied research on inkjet printing technology and is developing industrial inkjet printheads. Currently, it has completed product trial production and overseas testing, and is in the stage of customer use and product improvement. Investment points: Leading enterprises in the field of industrial printing, new products are growing fast and gross profit is high. The company is mainly engaged in R&D, production and sales of industrial printing products, and is in a leading position in China. Currently, the leading products are computer-direct plate making machines (CTP), including offset CTP and flexographic CTP. 1) The company's offset CTP products have strong market competitiveness. According to relevant statistics, the company's offset CTP products accounted for 19.23% and 16% in the domestic market in 2013 and 2014, respectively. 2) The flexographic CTP products officially launched by the company in 2014 have high gross profit and rapid growth, and are expected to become a new growth point for the company. 3) At present, the manufacturing technology of domestic industrial inkjet printheads is basically monopolized by foreign brands. The company's industrial inkjet printheads have now completed product trial production and overseas testing, and are in the stage of customer trials and product improvement, and the future market space is broad. China's CTP penetration rate is expected to continue to increase, and there is plenty of room for growth. 1) Offset CTP has entered a mature period. In 2010, the penetration rate of offset CTP equipment in developed economies such as the US, Europe, and Japan was 60% to 81%. At present, it has become basically popular in developed economies. However, China's CTP penetration rate is conservatively estimated to be only about 31.11%, and there is still some room for growth in offset CTP equipment in China. 2) Flexographic CTP is still in the cultivation period. The average annual growth rate of flexographic CTP equipment installed will remain above 30% in the next 3 to 5 years. As domestic plates and domestic flexographic CTP equipment manufacturers represented by our products enter this field, the flexographic CTP industry is expected to usher in a period of rapid growth in China. Profit forecast: The estimated operating income for 2016-2018 is 1.95, 2.17, and 247 million yuan, respectively, and the net profit attributable to the owners of the parent company is 4799, 5705, and 64.8 million yuan respectively, up 12%, 19%, and 14% year on year. EPS is 0.60, 0.71, and 0.81 yuan respectively. Risk warning: CTP product market growth is slowing; fund-raising project benefits fall short of expectations.