Incidents: On March 31, 2014, the company announced its 2013 annual report, maintaining the revised level of performance, with revenue of 158 million yuan in 2013, up 20.5% year on year; net profit attributable to shareholders of listed companies of 6.88 million yuan, up 41% year on year; earnings per share was 0.04 yuan, up 33.3% year on year. Comment: Construction machinery and vehicle networking leader, entering new fields. The company's main business is to provide customers with operation services, system integration, and integrated software and hardware R&D solutions through vehicle remote management information services (that is, vehicle networking). It initially focused on applications in construction machinery and road transportation. By successfully developing key customers such as Hitachi Construction Machinery, Caterpillar, and Yuchai Heavy Industries, etc., the market share in the construction machinery excavator segment reached 50%. At the same time, with its advantages in the field of construction machinery, the company quickly replicated its business model in fields such as agricultural machinery and LNG dangerous goods vehicle networks, etc., and has achieved a first-mover advantage in some sales revenue. Acquire 100% of the shares in Shangyou Group to enhance the company's software research and development capabilities. The company plans to pay cash and issue shares to purchase 100% of the shares of the Business Friends Group. The Business Group has adopted long-term cooperation with major customers such as Toyota Tsusho, Japan's Hewlett-Packard, and Mitsubishi Electric and has received high recognition from customers. Moreover, the main products of the businessman are warehouse logistics management systems, transportation management solutions, and GPS solutions. These businesses can all highly coincide with the needs of domestic machinery customers. Meanwhile, Tianze has advantages in storage services, data centers, and intelligent information processing. Cooperation between the two will enhance the company's technical level and market capabilities in software development and achieve complementarity between business and customer resources. The reasonable price range is 17-18.5 yuan. In 2014, the company will replicate the experience of Zhonglian and XCMG to other manufacturers. Performance is expected to improve significantly. Regardless of mergers and acquisitions of the Business Group, the company is expected to dilute EPS by 0.13 yuan and 0.2 yuan respectively in 2014-2015, and the average/median price-earnings ratio corresponding to 2014 is 53 times that of comparable companies. If the company successfully completes the merger and acquisition of the Business Friends Group, it will increase the non-profit deducted in 14-16 to 30 million yuan, 36 million yuan, and 40 million yuan respectively, so that the company's diluted earnings per share for 14-15 years are 0.29 yuan and 0.39 yuan, respectively. We think the company's reasonable price is 17-18.5 yuan. Risk Factors: Skilled Talent Loss; Low Expectations for Commercial Vehicle Development