Investment points: Purpose of the research: The company's diversified business expansion continues to advance, so we have conducted research on the company. Research conclusion: The company's performance will hit bottom and rebound. In 2014, the company's traditional protection business accounted for about 68.95% of revenue, which is still the company's main source of revenue. In the fourth quarter of 2014, the company's net profit after deducting non-refundable net profit was about -9.41 million yuan. By the first quarter of 2015, net non-refundable losses had narrowed to 8.5058 million yuan month-on-month. According to the quarterly report, according to our preliminary estimates, the company's net profit from non-return in the second quarter will reverse losses, with an approximate profit range of 5 to 10 million yuan. The prototype of a diversified business platform is beginning to take shape. (1) The company established Evergrande Auto Era as a joint venture with Shanghai Jijia to enter the automotive aftermarket. Earlier, private gas stations were integrated through a fuel card platform, and then platform services were extended to other business areas. (2) The company's application to initiate the establishment of a precious metals exchange, if approved, will become the most diversified metals exchange in Jiangxi Province. (3) In terms of waste heat power generation, in addition to constructing projects such as Fujian Dingxin in a general contract, the company is also cooperating with Nanlou in Shanxi to build a waste heat power generation project for cement production lines. It is expected that it will be completed and put into operation in 2015 to contribute to profits. (4) Heilongjiang Evergrande Hi-Tech, established by the company, will use its technological advantages to usher in rapid development in intelligent power saving and water purifiers. (5) The company signed a four-party framework agreement to participate in the construction of the “Sanya Smart City Big Data Application Project and Wireless Government Network Project” and officially enter the smart city field. (6) The company completed the acquisition of Evergrande Acoustics and entered the field of noise protection. (7) The company cooperated with the Jiangxi Geological Exploration and Design Institute to establish Evergrande Environmental Resources Development Co., Ltd. to get involved in the exploration and development of mineral water and hot springs. In the future, the company will use it as a business platform to carry out moderately diversified development focusing on energy saving, environmental protection, circular economy, etc. It was covered for the first time, and an investment rating of “increased holdings” was given. The company's performance has bottomed out and rebounded, and diversified business will gradually expand in the future. There are many things to look forward to. We are optimistic about the company's future development. The company's 2015-17 EPS is expected to be 0.08 yuan, 0.11 yuan, and 0.15 yuan respectively (regardless of diversified business that has not yet been profitable), giving it an investment rating of “increased holdings”. Risk warning. The risk that various business developments will not advance as expected.