The company has changed dramatically and fully embraced the post-service market. The company is actively promoting the post-service market. Currently, it is mainly focusing on building a large bill platform for accepted bills of exchange and “Didi Security” promoted through the Internet. The company's vigorous promotion in these two markets is in line with the general direction of China's economic development, while also opening up more market capitalization space for the company. a) The company participated in the acceptance bill exchange platform to wade through the trillion-dollar bill market. The company announced on April 11 that a joint venture was established with Xi'an Maike in Qianhai, Shenzhen to establish the Shenzhen Maike Commodity Financial Services Bills Platform Company, with Xiamen Cinda accounting for about 28.6% of its shares. Shenzhen Maike Financial Services is located in Qianhai, the center of financial innovation. Financial Services is the only financial notes platform in the country based on trade and logistics background. It can rely on the trade background to achieve cross-border discounting of notes. At the same time, it plans to build an Internet platform for integrated services for bill funds and intermediaries. In 2015, Financial Services is expected to achieve 160 billion yuan in services and 50 million in net profit. In 2016/2017, the net profit scale is expected to reach 150 million yuan and 300 million yuan respectively. From a long-term perspective, the company's net profit margin is large. b) The company plans to invest 160 million yuan to promote security service packages on the JD platform and establish “Didi Security”. Small stores and the home security market are rapidly rising, then the service market is clearly insufficient. The company plans to promote the post-security service market, such as installation and renewal. The company plans to raise 160 million yuan to establish a post-security service platform. The initial promotion will use the JD virtual service platform. The company plans to set up close to 2,000 operating sites in China by the end of 2016. At the same time, relying on the holding subsidiary Annie Digital to train relevant professional installers, we are optimistic about the development of this market. The company is a state-owned enterprise in Xiamen, and will benefit from the promotion of state-owned enterprise reform in the future. The company is controlled by the Xiamen State-owned Assets Administration Commission, and state-owned enterprise reform is in full swing. We judge that subsequent companies will actively promote the improvement of the incentive mechanism and fundamentally strengthen the corporate governance structure. If the governance structure is improved, the company may face a new round of take-off. The optoelectronic Internet of Things will provide the company with better performance support. The company actively promotes LED and RFID business. On the one hand, it expands production capacity and actively strengthens competitive barriers, and on the other hand, it uses resource advantages to strive for municipal projects. a) Under the premise of rapid expansion of the LED industry, the company's performance can grow rapidly. b). RFID companies have already entered the food traceability and clothing industries, and will seek new application scenarios in the future, and the overall performance is promising. The first coverage gave a buying rating, with a target price of 51 yuan. We expect the company's 2015-2017 sales revenue to be 26.7 billion yuan, 27.2 billion yuan, and 27.8 billion yuan respectively, and net profit of 163 million yuan, 264 million yuan, and 367 million yuan respectively, and corresponding EPS of 0.53 yuan, 0.85 yuan, and 1.18 yuan respectively. Using the distributed valuation method, we determined that the company's reasonable market value was 16 billion yuan, corresponding to the target price of 51 yuan, and the purchase rating. Risk warning: The company's business progress falls short of expectations, systemic risk.