Brief description of the interim report: The company's total operating income in the 2015 interim report was 92,8777 million yuan, up 2.25% year on year, total profit was 5.7049 million yuan, down 30.46% from the same period last year. Net profit attributable to shareholders of listed companies was 5.3823 million yuan, down 25.43% year on year, and basic earnings per share of 0.0427 yuan, down 58.58% year on year. Investment points: The 3D printing cloud platform is beginning to take shape, and the advantages of the business model are highlighted: As a leading manufacturer of laser application equipment in China, the company has entered the field of 3D printing in the past two years, opened offline stores to cultivate users, and built an online innovatively designed 3D printing cloud platform through a 3D design network. The number of users has now exceeded 300,000, and obtained 50,000 printing cases, and has achieved a certain advantageous position in the industry. Since the 3D platform is in the investment card period, the total profit has declined due to an increase in human and material costs. We believe that the cumulative advantages of the company's platform are expected to gradually be highlighted in the second half of the year. At the same time, the company purchased 681,500 shares from the secondary market at an average price of 53.83 yuan/share on May 26 through the “Xingzheng Asset Management Xinzhong No. 18 Pooled Asset Management Plan”. The employee stock ownership plan mobilizes employee enthusiasm and also provides a margin of safety for the company's performance. Capital increases are flexible and innovative, and application space is expanded: the company uses 130 million yuan in cash to increase capital through the industrial funds it holds, and the company invents 20% of the shares. Smart Innovation is an animation toy company with independent IP and strong profitability. The product channel has sunk to almost all prefecture-level cities in China. Through exclusive strategic cooperation with the world's most professional 3D printing online service platform, i.Materialise, on excellent designers, logistics distribution, real-time tracking and other services, the company has improved the company's hardware+software+content+service operation capabilities and narrowed the technical level gap with European intelligent manufacturing. Smart Innovation's performance promises in 2015, 2016 and 2017 will increase the company's net profit by about 2.26 million yuan, 3.96 million yuan, and 5.09 million yuan. The capital increase of Smart Innovation has expanded the downstream application space market for the company, and will be able to exert a better synergy with the company. National policies focus on support, and there is broad scope for growth: Recently, Premier **** of the State Council hosted a special lecture on issues such as speeding up the development of advanced manufacturing and 3D printing. As an important element of intelligent manufacturing, 3D printing technology has broad room for growth. According to Wohler, the global 3D printing additive manufacturing market will exceed 7 billion US dollars by 2016, and reach 12.5 billion US dollars in 2018. 3D printing technology is widely used in the industrial and medical fields. Due to the high cost of machine materials and the time required for numerous clinical trials and certifications, 3D technology has limited the rapid large-scale development of 3D technology in the high-end field, so currently it is mainly in the field of civilian consumption that has achieved performance growth ahead. The company has entered from a civilian perspective, accumulated rich application experience, has a good position in the industry, and will have a large first-mover advantage with the help of industrial investment funds and government policy support. Give the company a rating to increase its holdings: As an emerging industry, the 3D industry is in its infancy, and downstream applications have yet to start. It is estimated that in 2015-2017, the company will achieve operating income of 229, 2.77, and 336 million yuan, net profit attributable to the parent company of 1144, 1449, and 15.46 million yuan, and EPS of 0.091, 0.115, and 0.123 yuan respectively. The current prices corresponding to 2015-2017 PE are 361.27, 285.31, and 267.39 times, respectively. The company is committed to the digital application of laser and 3D printing, and uses platform advantages to gradually extend the industrial chain to provide comprehensive solutions for downstream industry applications. The growth model is good, giving the company a rating that increases its holdings. Risk warning: Affected by the economic downturn, industry competition has intensified; the downstream business development of 3D laser printing is not favorable.