Key investment points: asset restructuring, breaking the cocoon and becoming a butterfly. The company's original main business was NdFeB permanent magnet materials, automated logistics three-dimensional warehouses, and micromotors and speed reducers. Through a series of restructuring and acquisitions, the company has laid out three business segments: Yingluohua Magnets, United Motors, and Corundum Logistics. Fund-raising projects create a “control technology+motor” precision manufacturing industry platform, build a “components+equipment+engineering” industrial ecology through system integration, and vigorously develop business fields such as new energy vehicle drive systems, fire robots, and fire simulation training systems. At the same time, in order to meet the strategic needs of the company's brand development, it is proposed to change the company name from “Taiyuan Shuangta Corundum Co., Ltd.” to “Yingluohua Technology Co., Ltd.” Increase the number of compacted magnetic materials to serve high-end equipment. Through the acquisition of Ganzhou Tongcheng, the injection of Ganzhou Dongji and Inlova import and export, and in addition to the original Yingluohua Magnetic Industry, the company will have a total NdFeB production capacity of 7,300 tons, be promoted to the second largest magnetic materials company in China, achieve complementarity in production capacity, technology, and market, enhance overall competitiveness, and provide strong support for the company's downstream business expansion. The project for high-performance magnets for power motors of new energy vehicles will directly serve the company's manufacture of electric motors for new energy vehicles. As a leading micromotor company, Lianyi Electric has expanded into equipment. Lianyi Electric has always been engaged in research, development, production and sales of micromotors and speed reducer products, with an annual production capacity of more than 4 million units. The products it produces are at the leading level in the industry at home and abroad, such as scooter motors, floor cleaning equipment motors, massage chair motors, and biomass food waste machines. The main products include AC motors, DC motors, synchronous motors, brushless motors, electric pushers, stepper motors, etc. After the completion of the micromotor industrialization project, the production capacity of 840,000 high-efficiency and energy-saving micromotors and 40,000 scooters will be formed, leading to health care; the NEV drive system development and industrialization project can form a production capacity of 40,000 sets per year. Corundum Logistics positions intelligent logistics. Corundum Logistics is one of the largest logistics equipment and technology integrators in China. It has the highest market share and industry coverage, and is unique in the research and manufacture of special storage types such as explosion-proof warehouses, low temperature cold storage, and dark storage. It is committed to building an automated three-dimensional warehouse system and manufacturing more advanced logistics equipment. Fire-fighting robots and fire training simulation industrialization projects promote industrial upgrading. The company used the winning bid for the fireworks simulation facility procurement project at the Zhejiang Fire Brigade training base as an opportunity. Combining Hengdian Film and Television and construction engineering engineers with experience and advantages to achieve real explosions and fireworks, Corundum Logistics has the ability to simulate systems to meet the needs of future intelligent fire robot joint fire extinguishing exercises, and achieve industrial upgrading from components to equipment to engineering. Raise the investment rating to “buy”. Based on the progress of the company's project commissioning, we expect the company's EPS for 2015-2017 to be -0.19 yuan, 0.34 yuan, and 0.50 yuan respectively. Our target price is 16.92 yuan, corresponding to 50 times PE in 2016, and raised to a “buy” investment rating. Uncertainty. Price fluctuation risk; policy risk; exchange rate risk; fund-raising project completion risk.