Profit forecast and investment recommendations: The target price for 6 months is 16.33 yuan, maintaining the “buy” rating. We expect the company's net profit for exam preparation from 2016 to 2018 to be 78 million yuan, 140 million yuan and 182 million yuan respectively, and the corresponding diluted EPS is 0.181 yuan, 0.327 yuan and 0.424 yuan respectively. Considering that the DCI-SDN network established by the company has scarce technical advantages, we gave the company a certain valuation premium. In 2017, 50xPE had a target market value of 7.0 billion yuan, corresponding to the target price of 16.33 yuan, maintaining the “buy” rating. Risk Alerts: 1) Competition in traditional businesses has further intensified; 2) Internet Harbor's profit falls short of expectations