The company stepped up its market development and industrial integration efforts, and its performance increased steadily. On the evening of the 11th, the company announced its first half year report. From January to June 2015, the company achieved a total sales revenue of 474 million yuan, an increase of 26.17% compared with the same period last year; net profit attributable to shareholders of the parent company was 86.56 million yuan, an increase of 30.58% over the same period last year. Among them, revenue from the die ironing machine sector was 126 million yuan, up 29.29% year on year; the die-cutting machine sector revenue was 78.71 million yuan, down 23.6% year on year; and revenue from the cigarette label sector was 197 million yuan, up 81.05% year on year. The sharp year-on-year increase in the tobacco label sector is mainly due to the fact that Shenzhen Liqun only began merging in May last year, which led to a low base last year. In the first half of the year, the company completed 38% of the annual sales plan and 39% of the annual net profit plan. Overall, all businesses were running steadily. The cloud printing business was officially launched, and revenue grew exponentially. The company's cloud printing business progressed smoothly in the first half of the year. Official external operations began in April, and market development work for distributors and members is progressing at an accelerated pace. In the first half of the year, the company's cloud printing business achieved sales revenue of 21.17 million yuan, of which sales revenue was 19.08 million yuan in the second quarter, reaching an average of 210,000 yuan per day. The cloud printing business is expected to reach revenue of 1 million yuan/day by the end of the year, and is expected to achieve the revenue target of 100 million yuan throughout the year. Furthermore, Mingxuan Real Estate used land and real estate to increase the capital of Changrong Holdings, a wholly-owned subsidiary, so that the Changrong Jianhaoyun Printing Project has a long-term stable place of business, which is conducive to the stable development of the cloud printing business. The effects of industrial chain integration are beginning to show. It is worth looking forward to the extended mergers and acquisitions. According to the cooperation agreement between the company and Heidelberg, the company's overseas distribution business was completely handed over to Heidelberg in the first half of the year. Although the company's equipment exports in the first half of the year fell 11.7% compared to the same period last year due to business transfers, starting in July, the company's export sales reached 17.9 million yuan, and the effects of cooperation with Heidelberg began to show. Meanwhile, the company completed the acquisition of part of Guilian's shares in July, and the intelligent manufacturing project may be implemented; furthermore, the cooperation between the company and Seludi has been extended to the field of upstream gravure printers. The company has developed rapidly over the past two years and is actively expanding upstream and downstream. The extended form of mergers and acquisitions is still worth looking forward to. Profit forecasting and investment advice While based in the printing equipment industry, the company is actively expanding upstream and downstream of the industry chain, entering the tobacco label industry, and actively cooperating with overseas companies such as Heidelberg and Seludi. It is hoped that it will achieve intelligent factory solutions through external mergers and acquisitions. 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. Therefore, we maintain the company's “buy” rating and forecast the company's 2015-2017 EPS to be: 0.70, 0.91, and 1.09 yuan/share, respectively.