Leading commercial bank full-process IT outsourcing service provider: The company is an enterprise with large commercial banks as its core customers and is committed to providing professional IT service outsourcing to banks in mainland China, Hong Kong and Macao. Its main business includes software development services, application maintenance and system integration. Customers are mainly large commercial banks. Currently, IT service outsourcing services are provided to well-known domestic and foreign commercial banks such as Bank of China, Bank of China Hong Kong, Bank of East Asia, Bank of East Asia, Yongheng Bank, Daxin Bank, and Agricultural Bank. The company's main business revenue increased steadily. In 2014, it achieved operating income of 338 million yuan, an increase of 11.29% over the previous year, and net profit of 84.28 million yuan, an increase of 2.55% over the previous year. China's banking IT service outsourcing industry is still in a period of rapid growth. Commercial banks are fiercely competitive. In order to control risk and meet compliance requirements, develop sales channels, and improve customer service capabilities and market share, bank users will accelerate investment in risk management, online banking, financial audit and audit, and business intelligence/decision support. In the next five years, IT service outsourcing related to these fields will become the fastest growing market in the banking industry's IT service outsourcing market. IDC predicts that the compound growth rate for 2014-2018 will reach 23.14%, and the market size will reach 41,974 billion yuan in 2018. Customer quality, multi-platform technical advantages, and full-process service advantages are the company's main competitive advantages: one of the company's business characteristics is that it uses large domestic and foreign commercial banks such as Bank of China and Bank of China Hong Kong as core customers, and using large commercial banks as core customers can bring advantages such as large business scale, strong business continuity, and low risk to the company's development. In terms of technology, the company can master multi-platform development technology from mainframes to microcomputers, and also has rich experience in successful development on various platforms from mainframes to microcomputers. At the same time, the company can provide IT outsourcing services that include the entire process of IT planning, requirements analysis, design, programming, testing, and maintenance. These competitive advantages will help it develop new customers and continue to grow bigger and stronger. The recommended inquiry range is 18-20 yuan. The estimated operating income of the company in 2015-2017 was 380 million yuan, 436 million yuan and 517 million yuan, net profit of 92 million yuan, 108 million yuan and 128 million yuan respectively, and EPS of 0.92 yuan, 1.08 million yuan and 1.28 million yuan respectively. Referring to the valuation levels of comparable listed companies and comprehensively considering the policies and market environment of this issue, we recommend an inquiry range of 18-20 yuan, and a recommended pricing range of 92-110 yuan. Risk warning: market competition risk; risk of market technology development direction change; risk of falling gross margin.