Incident: On the evening of April 23, the company announced its 2014 annual report: From the beginning of the year to the end of the reporting period, the company completed operating income of 192,536 million yuan, an increase of 21.54% over the same period last year; net profit attributable to shareholders of listed companies was 6.790 million yuan, down 4.27% from the same period last year. The corresponding diluted EPS was 0.086 yuan/share, down 15.50% year on year. A dividend of 0.1 yuan is paid for every 10 shares. Comment: 1. Beginning with laser equipment and 3D printing, it became a gold luck model. The company proposed the “Gold Transport Model: Platform+Ecosystem” strategic plan to accelerate the construction of an innovative platform for large-scale laser and 3D digital technology applications, or “Gold Yun+”. The platform includes the “Jinyun+Laser Digital Technology Application Innovation Platform” and the “Jinyun+3D Digital Technology Application Innovation Platform”. It is an application platform with digital technology applications as the core, serving innovative laser and 3D enterprises, and building a laser and 3D ecosystem. The platform takes core technology as the main line, constructs a vertical industrial integration ecological chain, and uses application development as the main line; horizontally, it adopts the model of hardware+software+content+service to expand industry applications. While maintaining its original business, the company continues to vigorously promote innovation-driven development, combining high-tech technologies such as “Internet +,” “intelligent robots,” and “big data in the cloud,” making every effort to develop more digital, automated, and intelligent advanced laser technology. At present, it has stabilized its position as an industry leader in traditional advantageous fields such as textiles, garments and flexible fabrics; it is continuously expanding its market share in fields such as laser metal processing. The company's laser business has also been upgraded from selling single equipment to automated assembly line solutions, laying a good foundation for traditional industries to achieve large-scale industrial scale and intelligent product production in the future. 2. Deeply optimize the management structure to promote steady profit growth. During the reporting period, the company set up a management center to coordinate the utilization of common resources, effectively reducing internal consumption among various units and making use of the enthusiasm and creativity of management. Furthermore, the most advanced “Holacracy (Holacracy)” system in Silicon Valley has been piloted, making powers more transparent, increasing the democratic nature of working groups and the autonomy of employees, encouraging every employee to put the company's interests at the core, and enhancing the motivation of employees to achieve their performance goals. 3. Technological innovation to expand 3D printing to more markets. (1) The pioneering ultra-long CJG-2101100LD laser cutting machine was successfully used in aviation carpet cutting and completed the cutting and molding of large carpets, which had a major impact on the cutting process of such industries. The geometric level saved labor costs and successfully expanded new business for the company; (2) the company's first full-beam bridge laser embroidery system solved the problem that domestic embroidery machines were limited by bridge length and could not be updated, giving the company a stable position in the laser embroidery industry. (3) The launch of the first domestic Fraxel laser system has filled the gap in the application of the Fraxel aircraft in the laser industry and laid a good foundation for large-scale manufacturing development in the post-modern era. (4) Increase investment in the field of denim applications. The Junan Laser Cowboy Creative Innovation Center was established to promote product promotion and market expansion, and promote industrial innovation. 4. Launched ideas in Wuhan to accelerate the company's business development. The company has strengthened the management of its holding subsidiary, Wuhan Landing Creative Culture Communication Co., Ltd. (hereinafter referred to as “Wuhan Landing Creative”), so that it can quickly carry out management and investment business around the company's overall plan, and the development trend is good. The company's four main businesses (3D printing, 3D photography, 3D training services, and 3D brand design) can be rapidly developed and expanded through efficient and fast “cloud factory” processing, production, and logistics distribution, using the O2O model in Wuhan. In 2014, Wuhan launched creativity and achieved significant results: (1) Jointly built an innovative 3D printing service platform with the Zhongshan Guzhen Town Productivity Promotion Center and the Wuhan University Technology Transfer Center in Guzhen Town, Zhongshan City, Guangdong Province to apply 3D printing technology to the expansion of the lighting market; (2) signed a strategic cooperation framework agreement with Zhujie Trading (Shanghai) Co., Ltd., a world-renowned US Stratasys China company in the 3D printing industry, will make full use of their respective technical and resource advantages, and cooperate closely to provide advanced 3D printing technology and equipment to a wide range of enterprise users and related services; the two sides will expand the scope of application of 3D printing in advanced manufacturing through business cooperation and innovation, and build solid back-end strength for online “cloud platforms” to achieve flexible production. 5. The company has good prospects and a large influx of capital. During the reporting period, the company and Hubei High-tech Industry Investment Co., Ltd. jointly initiated the establishment of the Hubei High-Investment Financial Transportation Laser Industry Investment Fund (limited partnership) with a total scale of 500 million yuan to invest in digital processing equipment such as lasers, 3D printing, etc., and projects or enterprises with new business models to cultivate mergers and acquisitions and expansion. In addition to setting up an industrial investment fund, the company takes advantage of capital market financing and plans to raise no more than 300 million yuan in non-public offerings to supplement the company's working capital. In the future, it will mainly be used to develop 3D platforms and ecosystem construction. 6. Set up a base in Hong Kong and face the international community. The company used its own capital to invest in the establishment of Gaohui Technology (Hong Kong) Co., Ltd. in Hong Kong, which helps the company achieve international markets for products and services in the future, optimize supply chain management, promote the construction of technology, information, and talent systems, and accelerate the pace of internationalization of the company; and also lays an organizational platform for overseas investment, mergers and acquisitions and utilization of overseas capital. Shortly after the establishment of the investment fund, it invested in Suzhou Delong Laser Co., Ltd. through capital increases and began to accumulate project resources. 7. Invest in gunpowder research to achieve civil-military integration. In 2014, the company formed a strategic partnership with Nanjing University of Science and Technology in “Research on the Application of 3D Printing Technology in the Field of Gunpowder”. Through research on printing and molding technology for energy-containing materials and development of gunpowder printing equipment, the company provided technical support and industry cards for future application to military and civilian use. 8. Introduce employee stock ownership plans to activate employee vitality. The company launched the first phase of the draft employee stock ownership plan in March 2015. The purpose of holding company shares through employee stock ownership plans is to establish and improve a benefit-sharing mechanism between workers and owners, improve the level of corporate governance, enhance employee cohesion and company competitiveness, and promote the long-term, sustainable and healthy development of the company. 9. Connect with the world and strengthen the company's advantages. The company has achieved varying degrees of cooperation with three global high-quality 3D printing brands, EOS, 3Dsystems, and Stratasys. After acting for the Stratasys brand in China, it solved the shortage of domestic 3D printing equipment and materials, achieved the outstanding advantage of serving customers in a full range of services. At the same time, it also has the most comprehensive material portfolio in the industry that can directly create physical objects based on data, and can provide the most comprehensive solutions for the 3D printing industry. 10. Profit forecasts and ratings. In 2014, the company continued to expand the application fields of 3D printing through improved technology, fully grasping the advantages of pioneers in various fields. The financial luck model is also a perfect 3D printing business model in China. It integrates hardware, software, content, and services through the combination of the Internet. Cooperate with internationally renowned 3D printing companies to achieve complementarity of technology and resources. Strong alliances also create solid back-end capabilities for online “cloud platforms”. Furthermore, the company's non-public offering plan and employee stock ownership plan all show that the company is optimistic about the prospects of the industry. In the future, the company is expected to enter a rapid growth channel with new technology and new business models. Assuming that the company's main laser business maintains stable and rapid growth, laser business revenue rises at an annual growth rate of 20% every year, while the 3D printing business gradually becomes the main contributor to profit growth and replaces the laser business as the company's main source of revenue in 2017. The EPS for 2015-17 is expected to be 0.21, 0.39, and 0.73 yuan respectively (regardless of the impact of non-public shares on equity). The company has successfully transformed, and the next two years will gradually become a period of performance explosion. In addition to the new business model proposed by the company, the company is given a target price of 50 yuan. Corresponding to the 2015-17 dynamic PE, the price-earnings ratio is 238.10, 128.21, and 68.49 times, respectively. The company's stock price still has a lot of room for growth and buying ratings. 11. Uncertainty analysis. The presence of potential competitors; the company's non-public offering of shares has not been approved.