Key investment points: First-time coverage is given an increase in holdings rating, with a target price of 27 yuan. The company's 2015-2017 EPS is expected to be 0.11, 0.30, and 0.53 yuan, and the average PE of the payment and Internet finance industry in 2016 is 61.95 times. However, considering the company's market resource advantages and the evolution and upgrading of the business model, the company is given a valuation premium of a certain valuation premium, giving the company 90 times PE in 2016, with a target price of 27 yuan. The essence of the company is a big data operation platform with finance as the primary profit model. The company has achieved collaborative development in the three innovative sectors of the Internet of Things, Internet finance, and OTT, creating an innovative platform with OTTTV as the C-side entry point and big data operation as the core competitiveness. Internet finance is currently the primary way for companies to monetize, and there is a lot of room for imagination in subsequent monetization of traffic and data. The integrated payment model has greatly enhanced market competitiveness, and market performance is expected to exceed expectations. Cardholder's core strength lies in its scarce national billing license and perfect operating system and merchant accumulation. Based on the existing business foundation, businesses such as factoring and small loans have built a new business logic using payment as traffic and data entry, and finance as the monetization model. On this basis, cardholders will show strong market expansion capabilities, and their performance in the payment field is expected to exceed expectations. Using RFID as a basis to build an IoT operation platform, traditional business realizes the iteration of business models. Relying on the company's layout in the field of RFID or IoT system integration, from software, systems, and integration to the entire Internet of Things operation services, core smart cities and traceability projects, it provides a larger and richer big data resource system for subsequent data operations. Traditional system integration and RFID services will evolve business models. Risk warning: (1) The risk that the issuance of third-party payment licenses falls short of expectations (2) the risk that the offline billing market will expand less than expected (3) the risk that OTT cooperation will not progress as expected.