Key investment points: Structuring a diversified business system to promote strategic transformation. The company promoted business strategy transformation and business model adjustment, and the business framework was gradually transformed into three major business systems: communication products and system integration business, Internet service and telecom value-added business, and IT chain management. The telecommunications product and system integration business will gradually increase profitability, and the Internet service and telecom value-added business are expected to have a compound growth rate of 61.06% in 2009-2012 with the construction of fund-raising projects, and the contribution to the company's EPS will reach 0.10-0.13 yuan in 2011-2012. The IT chain became the focus of the company's operations. The IT chain business is expected to account for 90% of revenue in 2012. The IT retail market concentration is very low, and it is also undergoing a transformation from a traditional model to a chain model, which provides the company with space for industry integration. The company is led by the two chain brands “Hengchang IT” and “Gaohong IT”, and focuses on developing the “national chain sales and service center” business model. We expect the compound growth rate of revenue to reach 64.39% from 2009 to 2012, and the contribution to the company's EPS will reach 0.16-0.18 yuan in 2012. The first rating was given as “neutral.” Since the establishment of the company's new business system and the construction of capital raising projects require a period of time, we expect that the results will only be fully released after 2012. We have given the company a “neutral” investment rating, but the IT chain business deserves investors' long-term attention.