The company is undergoing a critical transformation, and online education and mobile terminal security are in abyss. We conservatively expect EPS of 0.02/0.11/0.26 yuan in 15-17. Taking into account the layout of the company's education cloud as the country's leader and the potential of leading TEE technology in the mobile terminal security market, and the progress of business structure optimization, transformation, and performance improvement, it was temporarily given a “recommended” rating, with a target price of 16.9 yuan; risk warning: the price of financial IC card products continues to decline and sales volume falls short of expectations; the online education business market expansion falls short of expectations; the progress of innovative business development is uncertain