Currently, in addition to achieving breakthroughs in the existing financial electronics and network cluster business, the company is working hard to develop security solutions for the network business. We believe that in the future, the company is expected to become a comprehensive security solution provider spanning the two major industries of finance and communications, and will face rapid development opportunities over the next few years. Investment highlights: Financial electronic business: Combining internal and external development to build a leading enterprise. There are two major trends in the development of the financial equipment industry in recent years: increased domestic brand value+intelligent machinery and equipment. In line with industry trends, the company mainly uses three strategies to build future industry leaders: 1. Continuously achieve downstream breakthroughs with mature products and gradually achieve import substitution; 2. Lay out the VTM market ahead of schedule to gain a first-mover advantage; 3. Use mergers and acquisitions to achieve complementary advantages and lay out public finance equipment business. At present, the company has occupied the second place among domestic brands in the ATM market, and is expected to become one of the top three financial equipment brands in the Chinese market in the future. Business with network clusters: order verification channels+technical strength. Demand for the network cluster industry mainly comes from two or three aspects: public security, subways, and wireless government networks. According to our estimates of the scale of future subway investment, the corresponding network cluster demand scale can reach 4 billion per year in the next 5 years, which may be ignored by the capital market. The company's competitive advantage lies in its highly compatible technical structure, strong financial strength, deep shareholder background, mature business cases, and rich public network experience. The recent order from Dalian proves that the company has excellent channel capabilities and technical strength, and is expected to become one of the leaders in the network cluster industry in the future. Networking clusters will become the company's most explosive business. Develop the information security market and build a “message” firewall. With the integration of O2O applications, location information, and non-traditional SMS services such as WeChat, security issues at the business level are becoming more and more prominent. Using technology accumulation in IP, exchange and other technologies, the company is committed to developing solutions for identifying and preventing malicious information, providing operators, Internet companies, public security and other pet users with the ability to capture, prevent, and analyze malicious information. Commercial use is expected to be achieved in 2014, and it is expected to become the third pole driving the company's business growth in the future. Earnings forecasts are not rated. It is predicted that the company's 2014-2016 EPS will be 0.26 yuan, 0.34 yuan, and 0.43 yuan, and the corresponding valuations will be 47X, 36X, and 29X, giving it a “recommended” rating. Risk warning: The progress of network construction with the network cluster has not met expectations.