The main business of the three-quarter report is growing rapidly, and continuous mergers and acquisitions support the rapid growth of long-term performance. In the first three quarters, Zhongan Consumer's revenue was 1,091 billion yuan, up 44.11% year on year, and net profit was 160 million yuan, up 38.45% year on year, after deducting non-net profit of 107 million yuan, up 70.86% year on year. Among them, the 15Q3 single quarter revenue was 415 million yuan, and net profit was 51.13 million yuan. According to the company's previous series of announcements, the total amount of large orders disclosed by China Security Bank during the suspension period alone exceeded 2.5 billion yuan! These include Macau's Cotai Lisboa Palace Hotel project of 80 million yuan, Universal Data Shenzhen Futian Data Center (IDC) Phase II project 112 million yuan, Henghe Industrial Cloud Manufacturing Base Intelligent Construction Project 150 million yuan, Ningxia Medical University's smart medical project 250 million yuan, and Zhucheng's smart city construction strategic cooperation project of 2 billion yuan. The total amount of new orders was more than double the company's 2014 revenue. The four major mergers and acquisitions fully verify the logic of internationalization, internal and external dual-line expansion, operational services, and safe development. China Security's acquisition of four companies: Macau Guardforce (security services, comparable company: first A-share company); Shenzhen DIT (security monitoring products, comparable companies: Hikvision, Dahua, Infineon, etc.); Philitech (command center, comparable company: Phillips); Shenzhen Weida (hospital intelligence, medical purification engineering, etc., comparable company: Yanhua Intelligence). High performance promises at the bottom, large-scale orders and continuous mergers and acquisitions bring greater flexibility! At the time of the backbone restructuring, the 2015-2016 performance promises were 282 million yuan and 376 million yuan, respectively, and the 2015-2017 performance promises of 720.04 million yuan, 897.232 million yuan, and 11.5552 million yuan respectively during the merger and acquisition. Additionally, the four mergers and acquisitions promised 2015-2017 performance promises 46.17 million yuan, 58.46 million yuan, and 74.88 million yuan, so the company promised performance of about 400 million yuan and 524 million yuan in 2015 and 2016 alone! High leverage and continuous employee motivation! Since the company went public, it has launched two employee stock ownership plans this year. The first phase of the employee stock ownership plan has purchased 11.09 million shares, and the second phase of the employee stock ownership plan continues to use high leverage (6 times, A: B: C = 4:1:1), with a total scale of 120 million yuan. Stock purchases were not possible due to the suspension of the company's trading, and it is expected that it will be implemented as soon as the company resumes trading. Investment advice: Buy-A investment rating based on the company's existing large number of on-hand orders and the company's excellent and continuous asset integration capabilities. We believe that the performance of China Consumer Electronics in the next three years will significantly exceed current performance promises. It is predicted that the 2015-2017 EPS will be 0.39 yuan, 0.94 yuan, and 1.44 yuan, respectively. A buy-A rating was given, with a target price of 45.00 yuan for the first time in 6 months. Risk warning: M&A asset consolidation risk, risk of promised performance falling short of expectations