Introduction to this report: Traditional business has maintained steady growth, and new business cloud parking is gradually being implemented. Investment points: Maintain a prudent increase in holdings rating, with a target price of 18 yuan. Considering continued investment in new business, the 2015-2017 EPS was lowered to 0.08/0.10/0.14 yuan (the original forecast value was 0.11/0.13/0.17 yuan). The company's investment in new business in the short term opens up room for long-term growth. Considering that the speed of implementation of cloud parking exceeded expectations, the target price was raised to 18 yuan, and the rating of prudent holdings was maintained. Traditional businesses are growing steadily, and increased investment in new businesses has led to a decline in performance. The company's three-quarter report achieved revenue of 509 million yuan, a year-on-year increase of 28.31%, and a net profit of 29.83 million yuan, a year-on-year decrease of 57.59%. The change in net profit was up in the previous 1-September performance forecast range of -67% to 57%, in line with market expectations. The increase in revenue is mainly due to the rapid growth of businesses such as parking systems and security integration. The company's performance declined year over year due to continued investment in new businesses such as cloud parking. Referring to the data disclosed in the interim report, we expect to invest more than 50 million yuan in services such as cloud parking. Considering the firm's firm transformation and continued investment in mobile Internet services, including cloud parking, the cost rate is likely to remain high for a long time. However, as the company's traditional business ushered in a period of peak carry-over sales in the fourth quarter, this will facilitate the recovery of net profit throughout the year. Cloud parking is being implemented at an accelerated pace, and long-term growth space is expected to open up. The company has held cloud parking press conferences in Guangzhou, Beijing, Shanghai, Shenzhen and Tianjin to actively expand cooperation with large properties around the world in the field of cloud parking. At the same time, the company signed a contract for an intelligent vehicle access management system of 32.6 million yuan and a letter of intent for procurement of 60.37 million yuan with Qiaotang Co., Ltd. The company is determined to transform and has been deployed in 60 cities across the country. Execution guarantee. We believe that the number of parking lots landed is a probable event that the number of parking lots landed is likely to open up space for long-term growth. Risk warning: The decline in traditional business accelerates risks, and the marketing promotion of the cloud parking business falls short of expectations.