In 2015, the company achieved operating income of 1,127 billion yuan, an increase of 16.66% over the same period in 2014, a total profit of 93.585 million yuan, an increase of 24.79% over the same period in 2014, and a net profit of 81.593 million yuan, an increase of 30.18% over the same period in 2014. The basic earnings per share are 0.19 yuan, and the profit distribution plan is to distribute cash dividends of 0.6 yuan (tax included) from 10 shares. The financial electronic payment business is developing well. The company continues to increase R&D investment in the field of financial electronic payment equipment, and in line with the development trends of various industries, launched self-service terminal products in various fields to further enrich the payment product line for the increasingly prosperous Chinese payment market. The financial electronics business achieved revenue of 736 million yuan, an increase of 22.54% over the previous year, accounting for 65.27% of revenue. By business situation: (1) Sales of cryptographic keyboard products fell 4.86% year on year, and gross margin fell 9.06 percentage points, mainly due to the impact of the country's application of secure and controllable information technology in the banking industry in the field of cybersecurity and informatization construction. At the same time, orders from foreign ATM manufacturers declined in the Chinese market. At the same time, competition in the cryptographic keyboard market intensified, and product sales prices declined. (2) Sales revenue of self-service terminal products increased 14.40% year on year, and gross margin increased 10.64 percentage points year on year. The main reason is that VTS products won the bid in the Agricultural Bank system this year, becoming one of the main suppliers of agricultural bank supercounter products for the new generation of self-service banking, and at the same time actively expanding sales in the tax, lottery, public security, cinema, electricity and other industries, leading to an increase in self-service terminal sales revenue. At the same time, the sales profit of the new self-service products launched by the company is high. (3) The sales revenue of the company's payment products increased by 64.64% year-on-year, mainly due to the increase in sales of the company's low-cost general-purpose payment terminals to the third-party payment market and the increase in sales in overseas regions such as the Middle East. Revenue from the LED lighting business declined. In 2015, due to the impact of the domestic environment, the company's LED lighting business was greatly affected by project development, and the revenue from the contract energy management business declined significantly. The company's LED and related trade revenue decreased by 3.19% year on year, and contract energy management revenue decreased by 78.30% year on year. To this end, the company actively adjusted its business strategy, set up overseas business departments, and will focus on developing overseas markets. Actively acquire and develop new profit growth points. Through the acquisition of 70% of Yunshuo Technology's shares, the company achieved a breakthrough in IDC's business layout, increased capital and controlled Hongda Communications, and further strengthened its layout in the fields of IDC basic services and value-added services. In 2015, the IDC business achieved revenue of 15.29 million yuan, accounting for 1.36% of revenue. It acquired 51% of the shares of Zentong Network and actively expanded the community O2O financial services business. Zentong Network invested in the establishment of Sichuan Shuxinyi, and cooperated with the Sichuan Rural Credit Cooperatives Association to carry out the operation and promotion of community O2O platforms in various cities in Sichuan Province. Currently, the business is in the early stages of expansion. Profit forecast and valuation: The company's financial electronic business is developing well, and active external mergers and acquisitions are expanding new profit growth points. We expect net profit from 2016 to 2018 to be 127 million, 157 million, and 187 million, respectively, and EPS of 0.30, 0.37 and 0.44 yuan, respectively. The corresponding PE is 66, 54, and 45 times, respectively. First coverage, with a prudent recommendation rating. Risk warning: market competition risk, new business development risk, company management risk.