Key points 1. Private cluster network: Benefiting from the outbreak of public security PDT and accelerated rail transit investment, digital clusters affected by the delay in the start of PDT construction after the public security market established standards in 2013. Sales revenue fell 64% year on year, and revenue was 37.06 million yuan. The company is one of the few domestic manufacturers that can provide all PDT and TETRA systems and terminal products, and also targets customers in the public safety, utilities, and transportation industries. As the main participant in the PDT standard, it has implemented several projects. Although the current cluster business does not account for much revenue, it has shown strong competitiveness as the only domestic manufacturer entering the public security market and subway market at the same time. Putian Group, the majority shareholder, has obvious technological advantages in the field of communications, and already has a PDT and LTE integrated networking solution in terms of broad and narrow integration. 2. Financial electronics: market share continues to expand, exploring financial services, financial electronics, revenue increased 19% year on year, profit increased 23% year on year compared to last year. Financial electronics products continued to grow rapidly through ATMs and all-in-one machine purchases shortlisted by new banks. In the existing product range, they have developed dual-screen circulation, dual-screen ATM machines, and products with branded functions, and participated in the formulation of national standards; as the main support for performance, the compound growth rate of financial electronics products has remained at a level of 15% over the three years. The company has actively entered the financial services sector. On the basis of new products, it closely followed the Internet With the direction of intelligent financial services, the field of financial services will be gradually expanded through the establishment of an APP intelligent terminal financial service business management system. 3. Equity incentives promote a sharp increase in performance in 2014. According to the company's equity incentive exercise requirements, 2015 was the first exercise, requiring that the 2012-2014 net profit after deducting the compound annual growth rate be not less than 15.5%, corresponding to the net profit deduction requirement in 2014 to reach a 75% increase. We believe that the company is expected to achieve a significant increase in performance in 2014, and high performance growth can be expected in the next few years. As shown above, as one of the two oligarchs of financial electronics and digital clusters, the company has TETRA and PDT technology. It is the manufacturer with the largest number of TETRA networks in the domestic public security network field. It will share the industry dividends brought by the “model number” of digital clusters in the next few years; while e-finance is expected to continue to maintain an important revenue stream as market share continues to expand and new service models. The 2014-2016 EPS is expected to be 0.25 yuan, 0.35 yuan, and 0.47 yuan, maintaining the “recommended” rating. Risks suggest that the promotion of financial electronics and digital cluster projects falls short of expectations;