Maintain the “increase in holdings” rating, with a target price of 15.3 yuan. Gaoyang Jiexun won the bid for the China Mobile e-commerce phone charge recharge platform, which will further strengthen its leading position in the field of online recharge and is expected to enter into subsequent operations. We maintain Gao Hong's 2014-2016 EPS at 0.12/0.31/0.44 yuan, maintain the target price of 15.3 yuan, and maintain the “increase in holdings” rating. Won the bid for a recharge platform project for a mobile e-commerce company. According to an announcement from China Mobile Procurement and Bidding Network (http://b2b.10086.cn),高鸿子公司高阳捷迅中标“中移电子商务有限公司有价卡电子化系统一期工程应用软件开发和系统集成项目”,该项目是中移动湖南电子商务基地话费充值业务的重要接口,随着中移动线上充值逐步向电商基地集中,获得该平台建设权有助于抢占行业先机). From platform to operation, Goyang Jiexun's development is expected to accelerate. Looking back at the development history of Gaoyang Jiexun, it began to undertake recharge software development for China Unicom in all provinces in 2005 and expanded to online phone charge recharge operations in 2007, creating a leading position in China Unicom. Previously, the main supplier of the recharge interface for China Mobile was Huawei, and winning the bid this time reflects the overall competitiveness of Jiexun. We believe that phone charge recharge software directly involves capital transactions and has extremely high stability and security requirements. Obtaining the right to build a platform will help build a “moat” for subsequent operation services. Furthermore, if it can further break into the field of operation, the source of the Gaoyang Jiexun phone charge card will be more stable, and the price cost of the card will also be effectively controlled, which will help increase profitability. Currently, the gross profit/turnover is about 0.3%, which is quite flexible. Under the trend of e-commerce recharge, we expect Gaoyang Jiexun's recharge flow to double continuously in 2014-2015, and development will accelerate after expanding virtual operators and traffic recharge services. Risk warning: IT chain sales profitability declined; integrated exchange platform expansion fell short of expectations.