Incident: The company announced that it recently obtained a high-tech enterprise certificate jointly issued by the Jiangsu Provincial Science and Technology Department, the Jiangsu Provincial Department of Finance, the Jiangsu Provincial State Taxation Bureau, and the Jiangsu Provincial Local Taxation Bureau. The certification time is December 3, 2013, the certificate number: GR201332001554, and is valid for three years. After obtaining a high-tech enterprise certificate, the company paid corporate income tax at a rate of 15% for three consecutive years from 2013 to 2015 in accordance with the relevant national tax preferential policies. Comment: The company currently has an actual tax rate of about 19%, and is expected to improve performance by about 6% after income tax relief. Before obtaining the high-tech enterprise certificate, the applicable tax rate for the company and its branches was 25%, while its subsidiaries, Kunshan Feilik Storage Service Co., Ltd., Feilida International Logistics Hong Kong Co., Ltd., Feiliks Logistics PTE LTD, Hong Kong Ezida Co., Ltd., and Huadong Information Technology Co., Ltd., applied tax rates ranged from 15% to 17% due to high-tech enterprises, advanced technology service enterprises, overseas enterprises, etc., so the actual income tax rate under the company's consolidated report was about 19%. We estimate that if the corporate income tax rate is reduced to 15%, net profit in 2014 can be increased by about 6%. It is expected that the company's performance will return to the growth path in 2014, focusing on the expansion of the company's new business. After experiencing a sharp contraction in the industry in 2013, the PC industry is expected to remain stable in 2014, and Asus Acer's shipment volume will rise steadily. Furthermore, the cultivation of Asus Acer on tablets will also lead to an increase in business. As a result, the company's business volume will pick up from last year, and the performance brought by customers such as Asus and Ericsson is expected to increase significantly. Currently, the company's business area has gradually expanded from the Yangtze River Delta region to southwest China, Hong Kong, Singapore and other places. The scope of business has also expanded beyond the IT industry. In the future, we can focus on futures delivery, bonded warehouses and other businesses of Changzhou Rongda Modern Logistics, a subsidiary of the company, as well as innovation in warehouse business models. Profit forecasting and valuation. Due to income tax relief, the company's profit forecast was raised. The company's EPS for 2014-2015 is expected to be 0.42 and 0.54 yuan respectively, corresponding to the current stock price PE of 26.9 and 20.9 times, respectively. Maintain the “Overweight” rating risk alert. Costs have risen too fast due to the continued decline in IT industry prosperity, the decline in the company's core customer business, and the company's expansion across regions and industries.