Overview of the incident: The company won a bid amount of 97.05 million yuan for the project in the first quarter of 2013. The company issued an announcement that more than 6 major project contracts have been signed in the first quarter of 2013, with a cumulative contract amount of 777574 million yuan, 3 contracts won but not signed, with a cumulative amount of 19.2501 million yuan, and a cumulative amount of 97.05 million yuan for the winning projects. At the same time, according to the requirements of the signed contracts, all projects need to be completed by the end of 2013. Therefore, the implementation of the above projects will have a great impact on the improvement of business performance this year. Incident analysis: The signing of a new contract guarantees the steady growth of the company's performance. The company won the bid amount of 97.05 million yuan in the first quarter of 2013, accounting for 30.89% of the total revenue of 2012, and almost all of the projects were completed in 2013. Furthermore, among the new projects that won bids in the fourth quarter of 2012, projects worth 505.36 million yuan will be completed in 2013, and projects totaling about 148 million yuan in the two quarters were basically confirmed, accounting for 47% of the 2012 operating income, which has ensured the steady development of the company's main business. Once again, it has been recognized as a high-tech enterprise and continues to enjoy preferential tax policies. The company was recognized as a national high-tech enterprise in 2009 and is valid for three years. In 2012, the company actively carried out the review of high-tech enterprises in accordance with relevant regulations. Recently, it once again received a high-tech enterprise certificate issued jointly by the Shenzhen Science and Technology Innovation Commission, the Shenzhen Finance Committee, the Shenzhen Municipal State Taxation Bureau, and the Shenzhen Local Taxation Bureau, and successfully passed the review. From 2012 to 2014, the company will continue to enjoy the relevant preferential tax policies of the state for high-tech enterprises and pay corporate income tax at a rate of 15%. Profit forecasting and investment advice: Maintain the company's “overweight” investment rating. Relying on its accumulated technological advantages in intelligent systems for urban buildings, the company has continuously won bids for new projects. In the context of a new type of urbanization, the market space for intelligent construction and intelligent transportation is huge, providing strong conditions for the stable development of the company's business in the next few years. The company's 2013-2015 EPS is expected to be 0.27 yuan, 0.32 yuan, and 0.38 yuan. Using the current stock price of 7.77 yuan corresponding to 28 times, 24 times, and 20 times the PE value, respectively, we maintain the company's “increased holdings” investment rating. Risk warning: Some of the winning projects did not sign contracts with owners, so there are uncertainties