Investment Highlights Suzhou Design: Professional architectural design service provider. Suzhou Design has architectural design as its core business (> 90% of revenue). In 2014, the company achieved operating income of 338.0292 million yuan and net profit of 54.162 million yuan, up 18.60% and -2.17, respectively. After the issuance was completed, the shareholding ratio of Said Investment was 49.67%, and the shareholding ratio of 87 natural person shareholders including Dai Yaping was 25.33%; the actual controllers of the company were 7 co-actors including Dai Yaping and Cha Jinrong. The architectural design market is large, and the industry concentration is low. The revenue of China's architectural design industry increased from 46.175 billion yuan in 2006 to 167.670 billion yuan in 2012, with an average annual growth rate of 43.85%. The concentration of domestic engineering technology services such as architectural design is low, and the market share of architectural design units within the industry is not high, and there are no large-scale enterprises in the industry that can dominate the domestic market pattern; the market concentration of the top 60 Chinese engineering design enterprises (ENR) has declined from 28% to 19.8%; the number of survey and design units has increased markedly, increasing the level of competition in the industry as a whole. Suzhou Design focuses on architectural design business and focuses on technology research and development and innovation. Architectural design revenue is the main source of the company's operating income. The company has long focused on R & D investment, and has set up a number of technology research and development platforms, and the company is currently carrying out research and development of many projects; the company has completed a number of green and energy-saving construction projects, and has accumulated rich experience in energy efficiency, low-carbon green buildings, and especially in the ecological transformation of existing buildings. The future development of the company. Use the upgrading of the architectural design industry as an opportunity to increase investment in research and development, promote service upgrades through technological innovation, expand and improve the types of services, and enhance comprehensive competitive advantages, including setting up branches in major cities in Jiangsu and cities in other provinces, and entering the field of construction engineering technology services related to architectural design. Profit forecast and pricing: We forecast the company's net profit for 2015-2017 to be 47 million yuan, 63 million yuan, and 75 million yuan respectively, and the 2015, 2016, and 2017 EPS calculated based on the total share capital of 60 million shares after issuance is 1.04 yuan, 1.39 yuan, and 1.67 yuan, respectively. The company plans to publicly issue 15 million new shares, with an estimated capital amount of 313.65 million yuan. According to the current IPO rules, the company uses a direct pricing method. All shares will be issued online, and there will be no offline inquiry or placement. The current issue price is 20.91 yuan. Risk warning: fixed asset investment slowdown risk, market competition risk, accounts receivable risk