Sifang Jingchuang is an experienced financial information service provider. Its main business is software development services for large commercial banks, and it is the main IT service provider of the Bank of China. The capital raised by the company will mainly be invested in the in-depth development of bank IT systems and Internet financial IT service development projects. The company's initial launch price is low, so a subscription is recommended. The chairman of the board is the controlling shareholder of the company, and the company's senior management and core employees hold a certain amount of shares. The company's shareholders all hold shares through shareholding companies, and the shareholding structure is clear. Chairman Zhou Zhiqun and technical director Deng Xiusheng reached a concerted action agreement to control the actual controller of the company. Employees and executives hold a certain amount of shares through shareholding companies. The bank IT service outsourcing market is developing steadily, and the demand for IT services brought about by financial innovation is growing rapidly. In 2013, the market size of IT solutions for the Chinese banking industry was 14.83 billion yuan. It is estimated that 2015 and 2018 will reach 22.48 billion yuan and 41.97 billion yuan respectively, with an average compound annual growth rate of about 23.1% from 2013 to 2018. The company is an IT service provider for financial informatization, with rich industry experience. The company's core business is revenue from software development services for large banks, which accounted for 82.4%, 80.5%, and 80.1% of total revenue from 2012 to 2014, respectively. The company is one of the earliest software suppliers in China to enter banking informatization. It is the main IT service provider of the Bank of China. In addition, it also provides IT service outsourcing for international and domestic banks such as Bank of China Hong Kong, Bank of East Asia, Yongheng Bank, Daxin Bank, and Agricultural Bank. The company's revenue from Hong Kong accounted for 35.2%, 28.8%, and 28.4% of revenue from 2012 to 2014, respectively. The company's fundraising is mainly invested in the in-depth development of bank IT systems and Internet financial IT service development projects. After deducting issuance fees, the company plans to raise about 430 million yuan in capital for bank software technology service delivery center construction projects, R&D center construction projects, next-generation banking core business system construction projects, inclusive finance cloud service center construction projects, and bank mobile application platform construction projects. Bank back-office IT system services and Internet financial IT services are the two most important main lines of the company's future main business. The release price is low, so a subscription is recommended. We forecast net profit attributable to shareholders of listed companies from 2015 to 2017 to be 85.87 million yuan, 91.7 million yuan and 150 million yuan respectively, and EPS of 0.86 yuan, 0.92 yuan and 1.46 yuan respectively, with a compound growth rate of about 20.2% over the next three years. Among them, the sharp increase in the company's profit in 2017 was due to the fact that the company's fund-raising projects are expected to generate revenue two years after the commencement of production. The company's issue price is 18.76 yuan, corresponding to a price-earnings ratio of about 20 times that of 2015, and the issue price is relatively low. Considering that the market is very enthusiastic about informatization and IPO investment in the financial industry, we believe that the company's reasonable valuation is 100 times the dynamic price-earnings ratio in 2015, and the target price is 92.00 yuan. Investors are advised to actively subscribe. Risk warning: risk of uncertain business development; risk of excessive customer concentration; risk of seasonal fluctuations in business