Key investment points: The inflection point in performance is obvious. LED production capacity was almost full by the end of 2014. The LED business and small household appliance business will continue to grow in 2015. Dealer integration and equity integration of Leix Lighting are worth looking forward to. Report summary: The company's main business is expected to maintain a rapid growth trend in 2015. In terms of LED business, the company's production capacity of LED chip epitaxial films ranks third in China. Currently, all 92 MOCVDs have been put into production. From a process perspective, the company's epitaxial film uses a 4-inch film process that is ahead of the industry, and has also independently developed a corresponding supporting processing process. The 4-inch film has a clear advantage in the utilization of production capacity compared to the 2-inch film. At the same production efficiency, we expect a 4-inch film to have a cost advantage of close to 30% over a 2-inch film. The company's chip technology is at the cutting edge of the industry, and is expected to occupy an advantageous position with size advantages and cost advantages in the face of increased industrial competition in the future. The small home appliance business has obvious advantages for overseas customers. The company's small home appliance division has maintained steady business growth and overall stable profitability through measures such as continuously optimizing the customer structure, strengthening cost control, and using the Internet to new marketing models using the Internet, and at the same time continuously enriching the product line, such as mother and child products - baby food supplements, and multi-function kitchen artifacts. Overall, there is a clear reversal trend in the company's main business. The integration of the dealer platform and NES Lighting is worth looking forward to. The dealer model is one of the core competencies of the lighting industry. We believe that from the perspective of the company's development, the construction of a dealer platform and control of Leix Lighting in 2015 will be an important measure for the company to reshape its competitiveness, and it is worth looking forward to. Give the company a “buy” rating. We are optimistic about the prospects of the company's dealer platform integration. Once the dealer network integration is completed, the company will gain important advantages in O2O and is expected to expand from lighting to other related collaborative fields. The estimated EPS of the company from 2014 to 2016 was 0.01, 0.13,0.25 yuan, giving it a “buy” rating.