Report summary: In the first quarter, the company achieved main business revenue of 42.4767 million yuan, a year-on-year increase of 13.4%, net profit attributable to shareholders of the parent company of 3.15 million yuan, an increase of 9.42% over the previous year, and earnings of 0.02 yuan per share. The company's stock of customers contributed stable profits, and the increase in the number of new users, and the increase in the number of orders, hardware shipments, and service users were the main reasons for the increase in revenue. In order to develop large customers, the company broke through the original business model and depth of service. The new business model has a certain benchmark role and replicability. The company's hardware and software sales volume increased dramatically in 2013. Although short-term performance was limited by large upfront costs and expenses, future performance growth expectations improved. In 2014, the company will continue to consolidate traditional business fields such as construction machinery, commercial vehicles, and administrative law enforcement, expand new markets for other IoT applications, develop and promote new products such as “smart warehouses” and “after-sales communication”, and lay out the automotive machinery aftermarket and agricultural machinery industries. The company's major asset restructuring project to acquire the Business Friends Group through cash payments and issuance of shares is underway. The acquisition of Business Friends Group can enhance the company's software development capabilities, share customer resources, and enhance the company's performance. In the future, companies will still use capital cooperation methods to enhance the competitiveness of the industrial chain through epitaxial expansion. In 2014-2015, the company's operating income is expected to increase by 25% and 20% respectively, net profit attributable to shareholders of the parent company will increase by 210% and 26% respectively, and earnings per share will be 0.13 yuan and 0.17 yuan respectively. Based on traditional business fields, the company actively explores new products and new business fields while promoting epitaxial expansion. It has room for imagination for business expansion and performance improvement, and is given an investment rating of increased holdings. Risk warning: business development falls short of expectations, performance growth falls short of expectations, etc.