Investment points The online education business is progressing steadily and has received orders for education cloud construction and operation in many places: After the company's exclusive national education cloud platform went live and operated in 2012, it is currently actively promoting the bidding of education cloud platforms at the provincial and municipal levels. As of the interim report, it has obtained more than 10 regional education cloud platform construction, operation and maintenance/operation projects in Liaoning Province, Jilin Province, Wuhan City, Yichang City, Shenyang City, and Ningbo City. At the same time, the company's home-school communication app product “Doti 100” was launched on the Wuhan Education Cloud Platform, which also marks that the company is simultaneously promoting the expansion of the online education industry at both platform and application levels. Shipments of tax control panel products and mobile billing terminals (mPOS) products have increased dramatically: Benefiting from the policy of “business change and increase”, the company's tax control panel product sales in the first half of the year exceeded 160,000 units, a significant increase, while the new low-cost mobile billing terminal (mPOS) was also launched on the market in the first half of the year. On the basis of effectively expanding the company's product line, it is expected that the company's two new products will continue to grow significantly. High quality customer resources help the company develop mobile payment security business: As the company's traditional financial business, the main customers of IC cards and SWP-SIM include large state-owned commercial banks and mobile operators. Although the growth rate of IC card issuance has slowed significantly, the company does not cooperate with mobile phone manufacturers to develop embedded security module (eSE) products and the future development and promotion of Internet financial terminal products can only be achieved directly or indirectly through the cooperation of banks and mobile operators. Therefore, the company's long-term partnerships with unrelated enterprises will actively promote mobile payment security services Positive effects. Investment advice: Our company predicts earnings per share of 0.21, 0.28, and 0.38 yuan from 2015 to 2017, respectively. The return on net assets was 7.9%, 9.5%, and 11.7%, respectively, and was given an increase in holdings - B rating. The target price for 6 months was 17.20 yuan, which is equivalent to dynamic price-earnings ratios of 80.0, 60.1, and 45.0 times from 2015 to 2017. Risk warning: order acquisition and promotion of education cloud products are weaker than expected; “business reform and growth” is progressing less than expected, dragging down tax control market sales; demand for mobile payment terminals (MPOS) and traditional financial IC cards is declining;