Incident: The company announced its 2013 performance report. The company's 2013 performance growth was in line with expectations. The company achieved operating income of 901 million yuan in 2013, an increase of 16.05% over the previous year, and net profit attributable to shareholders of listed companies of 168 million yuan, an increase of 50.29% over the previous year, in line with our expectations and that of the market. The rapid increase in the company's net profit is mainly due to the upgrade and replacement of the main product, the hydraulic vulcanizer, to the mechanical vulcanizer, and the reduction in financial expenses caused by the completion of share conversion or redemption of convertible bonds. The future growth of “second-time entrepreneurship” industrial robots is worth looking forward to. Currently, the company is in the process of transformation. For the company, the robot business is a “second venture”, and changes in investment ideas also indicate that the company will gradually transform from a tire equipment manufacturer to an intelligent complete equipment production line solution provider. Through accumulation over the past 5 years, the company's RV reducers have successfully carried out product verification. At the same time, the company's industrial robots have also begun to gradually enter the small-batch production testing stage. In the future, with the commissioning of fund-raising projects and the gradual improvement of early technical reserves, it will lay the foundation for the company's successful transformation, and future growth is worth looking forward to. Production of the main products continues to expand, which helps to pass the transition period smoothly. Due to the low price of upstream Tiangao, the profitability of downstream tire companies continues to increase, and production expansion, upgrading and equipment upgrades have increased the demand for the company's main products, hydraulic vulcanizers and high-end molds at this stage. It is estimated that the company currently has orders for around 400 hydraulic vulcanizers, and production is scheduled until the end of next year, increasing the certainty of performance. Maintain a “buy” rating. We maintain the company's profit forecast. Net profit attributable to owners of the parent company from 2014 to 2015 was 232/299 million yuan, corresponding EPS was 0.49/0.63 yuan, and corresponding PE was 18/1/4 times, maintaining a “buy” rating.