Bus publishes its 2015 annual report online. During the reporting period, the company achieved operating income of 183 million yuan, an increase of 57.71% over the previous year; realized net profit attributable to listed companies was 10.867 million yuan, an increase of 154.55% over the previous year; and realized net profit after deduction of net profit of 2,293,000 yuan, an increase of 93.04% over the previous year. Achieve basic earnings of 0.06 yuan per share. The target price remains at 50.00 yuan, and the buying rating is maintained. Key points supporting ratings Traditional businesses continued to decline, and Bus Technology also suggested that the company's performance turned a loss into a profit. During the reporting period, the company completed the acquisition of 100% of Bus Technology's shares, which were consolidated in November 2015. Bus Technology achieved net profit of 115 million yuan during the reporting period, exceeded performance promises, and contributed 19.1 million yuan in net profit to the company. The company's original microelectroacoustic business showed an inertial decline in business losses of 8.23 million yuan due to international market demand. The future will shift towards smart hardware. Establish four major business segments of “intelligence, media, video, and games” to build a bus mobile ecosystem. Among them, the Intelligent Division is responsible for the development and manufacture of smart devices, the Media Division is responsible for media advertising business, the Video Division aims to build an influencer fan economy, and the Game Division builds a mobile platform to build and operate a game crowdfunding platform. The main risks faced by ratings The acquisition company's performance falls short of expectations; systemic risks in the industry. The valuation estimates that the 2016-2018 fully diluted earnings per share will be 0.48, 0.65, and 0.75 yuan, and the target price will remain at 50.00 yuan, maintaining the buying rating.