Key investment points: The inflection point of the security business showed that on the evening of August 24, the company released its first half report. The company achieved operating income of 293.39 million yuan in the first half of the year, a decrease of 0.1% from the previous year, a decrease of some extent compared to last year; realized total profit of 15.25 million yuan, down 34.47% from the same period last year; realized net profit of 13.09 million yuan, down 32.79% from the same period last year; net profit attributable to company owners was 1.02 million yuan, down 17.65% year on year, and the decline narrowed. The company's security business experienced a clear inflection point in the first half of the year, achieving operating income of 156 million yuan, an increase of 32.42% over the previous year. Reversing last year's declining trend, overall performance has been reversed. Currently, the company's security business has plenty of orders on hand, and is expected to maintain steady growth in the second half of the year. Asset securitization is worth looking forward to. During the July stock crisis, the company received a direct increase in shares held by the Aerospace Science and Industry Group, which once again established the company's position as an entire group company. At the same time, the company was also the only listed company platform in the Second House. In the current wave of military asset securitization, research assets and factory assets of the Second Aerospace Research Institute are expected to be injected into the company. Furthermore, the company is also actively seeking mergers and acquisitions that meet the standards of “participation in the military” outside the Second Aerospace Institute. Future asset injections are worth looking forward to. Profit forecasts and investment recommendations Although the company's performance in the first half of the year still showed a downward trend, there was a significant improvement compared to 2014. At the same time, the security business experienced an inflection point in the first half of the year, and there are currently plenty of orders on hand, so it is expected to maintain steady growth in the second half of the year. Furthermore, as the company is the only platform for listed companies in the Second House, expectations for future asset securitization are still strong. Without considering other asset injections, the company's 2015-2017 EPS is expected to be 0.09, 0.10, and 0.11 yuan/share, respectively, maintaining the company's “increased holdings” investment rating.