Key investment events: The company issued an announcement, and the initial application for Bochuang Technology Co., Ltd., in which the company participated, was approved. The company is the third largest shareholder of Bochuang Technology, holding 9.73 million shares of the company, accounting for 15.69% of the company's total share capital before issuance. Comment: Generous investment income was obtained, and the company's performance was greatly enhanced: Bochuang Technology issued 62 million shares before issuance, no more than 20.67 million new shares were issued, and the total share capital after issuance was 82.67 million shares. Oriental Communications accounted for 11.77% of the total share capital after issuance. Bochuang Technology specializes in R&D, production and sales of optical communication integrated optoelectronic devices. Its main products are optoelectronic devices based on PLC technology, and has strong strength in the field of waveguide integrated device chip design, device testing and packaging. We believe that if Bochuang Technology is successfully listed, Oriental Communications will reap rich investment benefits. The expansion of the online market is slow, falling short of expectations, and the financial electronic business continues to grow. Judging from the three-quarter report in 2015, the company's revenue and net profit both declined, mainly because the telecommunications business, the Middle East Telecom Network, and the wireless cluster business for private networks fell short of expectations. Looking at business segments in the first half of the year, communications electronics declined 4.43% year over year, and financial electronic equipment increased 25.25% year over year. Among them, financial electronics has achieved continuous growth of more than 20% since 2013. We expect that as the company develops new markets such as urban commercial banks, agricultural credit markets, and overseas markets, the growth trend of financial electronics business is expected to continue. The financial electronic business has led to an increase in gross margin, and the share of the three fees has remained basically the same. The share of financial electronic revenue with high gross margins has increased, leading to an upward trend in the company's overall gross margin. In the first half of 2015, financial electronics accounted for 25.63%, up 3.59% from 22.04% in the same period last year. The fee rate for the three categories in the first three quarters was 9.04%, compared to 8.8% for the same period last year, which is basically the same. In the short term, benefiting from the continued growth of financial electronics and the high return on investment income, the company's performance is expected to grow rapidly; in the medium to long term, the localization substitution of financial electronics and the explosion of companies in the private network field will drive the company's performance to continue to grow. 1. Although the private network business falls short of expectations, we believe that the company has TETRA and PDT technology, is backed by China's Putian, and has outstanding resource endowments. It is still expected that it will continue to achieve market breakthroughs in the domestic public security network/subway network/government affairs network in the future. 2. Financial electronics continues to grow at a high rate under the trend of localization. The company has become the largest ATM machine customer of the Industrial and Commercial Bank of China; furthermore, the company's CRS circulation machine has surpassed Everbright Bank. In the first half of 2015, the company actively expanded the agricultural credit market and added a number of urban commercial bank customers. On the other hand, we are steadily developing overseas markets, and the number of orders has increased dramatically. The trend of continued high growth in financial electronics is expected to continue in the future. Profit forecast: In the short term, the private network business market is developing slowly, but with continued high growth in financial electronics and rich investment returns, the company's performance is expected to grow rapidly; in the medium to long term, the company's resource endowment in the private network field, and its TETRA and PDT technology, will continue to make breakthroughs in the private network market in the future. Meanwhile, the trend of financial e-localization is expected to continue in the next few years. The company's EPS for 15-17 is expected to be 0.15 yuan, 0.23 yuan, and 0.29 yuan respectively, maintaining the “increase in holdings” rating. Risk warning: Private network business falls short of expectations; growth in financial electronics is slowing down.