Research situation: On August 21, 2015, we conducted field research on Changrong Co., Ltd. and communicated with Ms. Li Li, the chairman of the company, and Mr. Li Donghui, the company's director, about the company's business development. Key points of investment: Targeted additional issuance to help intelligent post-press equipment manufacturing companies issued an announcement stating that it plans to issue no more than 80 million shares to no more than 5 specific targets through a private offering. The total amount of capital raised by this non-public offering (including issuance fees) does not exceed 200,000 yuan. The net amount of capital raised after deduction of issuance fees is intended to be invested in the construction project of a demonstration base for the new intelligent green equipment manufacturing industry and the construction of a new intelligent green printing equipment R&D and innovation base. The company's new intelligent green equipment manufacturing industry release base projects will generate annual revenue of 2053 million yuan after delivery, with an average annual profit of 278.62 million yuan. The future benefits and profits of this project far exceed those of the current company. Two years from now, this project will effectively increase the company's performance after delivery, not only to occupy the high ground of the industry, but also to bring rich profits. The “multi-axis collaboration” development strategy has helped the company blossom in many ways. Up to now, the company has 4,000 active online customers, more than 300 dealers, and more than 100 dealers with daily business dealings, and has initially formed its influence and market share in the Tianjin and North China markets. It is expected that the company's cloud printing business will maintain steady and rapid growth in the second half of this year, and there is a high probability that it will achieve an average daily revenue of 1 million yuan and a full year of 100 million yuan by the end of the year. At the same time, the company completed the acquisition of part of Guilian's shares in July. Last week, the company also signed an agreement with Guilian for automated transformation. The contract amount is as high as 23 million yuan. Within the next 3 years, the company will also assist Guilian in completing the transformation of automated production. It is estimated that the total investment will reach 150-180 million yuan, and Guilian will also become a sample of the intelligent manufacturing factory built by the company. Profit forecasting and investment advice While based in the printing equipment industry, the company actively extends upstream and downstream of the industrial chain, enters the tobacco label industry, and actively cooperates with overseas companies such as Heidelberg and Cerudi. The increase in intelligent chemical factory solutions through targeted additional financing not only fits the “Made in China 2025” plan, but also seizes opportunities in the process of intelligence and automation in the printing machinery industry. At the same time, the cloud printing business is also developing smoothly, and is expected to become a new profit growth point for the company in the future. We expect the company's consistent growth rate to reach more than 30% in the next few years. From a long-term perspective, we are still optimistic about the company's future development, predicting that the company's 2015-2017 EPS will be: 0.70, 0.91, and 1.09 yuan/share, respectively. Considering that the Shanghai Stock Exchange Index was still around 4,500 points when the company was suspended, but recently it has fallen to around 3,500 points, we gave the company an investment rating of “increased holdings.”