Investment highlights: The company's main business now revolves around software+services. The front end is billed by time by selling to vendors while continuing service. At this stage, the company is also developing business in different downstream areas, while also digging deeper into customer needs and providing new products and services. The company previously achieved large-scale project marketing to companies such as China United and XCMG. Long-term service contracts play an important role in the company's more stable growth. The construction of this kind of large-scale project will be one direction for continued efforts in the future. And the acquisition and construction of large amounts of data will also provide companies with greater barriers to competition. The core operating assets of the Company Mergers and Acquisitions Business Friends Group are Shanghai Business Friends, Hangzhou Lotte, Beijing Business Friends, and Japanese Business Friends. The company's main payment method is cash, and the rest are completed through the issuance of 12.68 million shares to complete the acquisition and supporting financing. The company uses cash on hand to acquire businesses surrounding the company, which is beneficial to the long-term layout of the company. At the same time, since the main capital comes from cash, the short-term performance improvement will also be very obvious. Profit forecast and investment advice: We predict that without considering mergers and acquisitions of business partners, the company's 2013-2015 performance will be: 0.06 yuan, 0.1 yuan, and 0.13 yuan, respectively. If mergers and acquisitions can be completed in 2014, then the company's annual performance for the next two years is: 0.27 yuan and 0.34 yuan. Corresponding to the current stock price, 2014 was 55 times PE. We believe that the company's stock price already partly reflects expectations of mergers and acquisitions and the concept of connected vehicles. Give the company a neutral rating for the time being. Risk warning: 1. The company's cash flow is stable, but it relies on additional capital to support mergers and acquisitions, so there are certain policy risks in mergers and acquisitions. Neutral 2. The economic downturn has led to insufficient demand from downstream customers. The neutral industry continues to prosper, leading companies benefit