The incident company issued an announcement on the evening of May 3. The company and Ant Financial signed a “Framework Cooperation Agreement” to provide deeply innovative products and services for individuals and related organizations to carry out business cooperation between the two parties in the fields of “Internet+Human Society” and “Internet+Healthcare”. Review the Internet+ Social Network and provide value-added services for social payments and mutual funds. Xinenpu, a subsidiary of the company, is a domestic provider of application solutions and services in the field of human resources and social security. Its social services business scope includes fields such as public employment, social insurance, labor relations, personnel personnel, etc., and its mature regional business covers Zhejiang, Jiangsu, Anhui, Jiangxi, Hunan and other provinces. This “Internet+Human Society” cooperation between the two parties is mainly based on the company's business resources and industry solution capabilities in the social sector. It uses traffic entrances such as Alipay city services, Ant Financial's government market resources, and platform technical support to jointly enhance the convenience of government public services. On this basis, the two sides will cooperate to provide Internet financial services for social payment services. Internet+healthcare, bridging the gap between mobile healthcare and health insurance payments. The company's “Medical Express Payment” platform is a full-process healthcare service platform integrating medical insurance mobile payment, providing medical treatment products and services for medical insurance in Zhejiang (provincial level, Huzhou, Quzhou, Yiwu, Anji, etc.) and medical institutions at all levels (the First Affiliated Hospital of Zhejiang University School of Medicine, Shaw Hospital affiliated to Zhejiang University School of Medicine, Zhejiang People's Hospital, Zhejiang Tongde Hospital, Zhejiang Hospital of Traditional Chinese Medicine, Zhejiang Hospital, etc.). The current “Internet+Healthcare” cooperation between the two sides will be based on this cooperation to promote the medical insurance mobile payment plan and promote it throughout the country. The “Medical Express” smart medical service will enter Alipay's urban service platform to provide the public with one-click payment services that integrate health insurance, full-process smart medical treatment services and related financial services; at the same time, the two sides will also cooperate to provide Internet financial services for medical insurance pharmacies. This cooperation will use traffic portals such as Alipay city services to promote the company's medical insurance mobile payment business throughout the country. Join hands with Ant Financial to add weight to the platformalization of medical express payments. The company's “Medical Express Payment” platform can open up the payment interface between mobile medical care and medical insurance, and the user experience and user stickiness of patients have been greatly improved. Compared with existing mobile medical products, the advantages are obvious. Currently, the company's Medical Express is being piloted in Zhejiang Province as the country's first medical insurance Internet payment pilot platform. This time, the company's collaboration with Ant Financial to bind C-end users has accelerated the pace of expansion in other prefecture-level cities in Zhejiang and other provinces. In the future, it is hoped that medical insurance Internet payments will be used to occupy users' health insurance social security data and medical reports to build a medical service platform. There is huge space. Investment recommendations We expect the company's EPS to be 0.30/0.48 yuan/0.63 yuan in 2016/2017/2018, respectively, and 40/25/19 times the corresponding PE, respectively. Considering that the company will continue to integrate resources and focus on the three dominant industries in the future, while closely following the development of cloud computing and AI technology to support the company's industrial upgrading, the company was given a “buy” rating. Risks suggest that M&A companies' performance falls short of expectations; financial and medical business development is blocked; and AI technology research and development falls short of expectations.