The performance was in line with expectations. From January to December 2014, the company achieved revenue of 1,067 million yuan, an increase of 18.42% over the previous year. The company achieved net profit of 154 million yuan in 2014, a year-on-year decrease of 7.87%, and earnings of 0.3222 yuan per share. It plans to distribute a cash dividend of 0.5 yuan (tax included) to all shareholders for every 10 shares, and use the capital reserve fund to transfer 3 shares for every 10 shares to all shareholders. The main business is growing steadily, and the robotics business has developed greatly. Revenue from the company's main business, the mold and vulcanizer business, grew steadily, with a growth rate of about 18%, and gross margin declined by 2 percentage points. The robotics business achieved rapid growth, achieving revenue of 6.21 million, an increase of 10 times. The impact of expenses and accrual of bad debts on performance is obvious. The company's fee rate for the period was 17.2%, an increase of 2 percentage points over the previous year. Among them, sales expenses increased by 63% and financial expenses increased by 52%. Asset impairment losses were affected by accrued bad debts to 16.72 million, an increase of nearly 10 million. The robotics business will be the biggest focus, and the 4.0 concept is authentic. At present, the company's research and development of various robot products is mature. We believe that a financing platform based on the tire industry, strong alliances, and listed companies will help the company's robots quickly open up the market, and it is expected that the company's robots will grow faster in 2015. The company is a 4.0 authentic concept stock. There have been cases of automated tire production line transformation, good customer feedback, and is expected to achieve breakthroughs in other fields in the future. Maintain a “buy” rating, with a target price of $25. The company's 2015 and 2016 EPS are expected to be 0.39 yuan, 0.49 yuan, and 0.61 yuan, respectively, and the corresponding PE is 47X and 37X. Maintain a “buy” rating, with a target price of $25.