Key investment points A leader in cloud computing operation and maintenance, a pioneer in artificial intelligence+IT services, with a market capitalization of 5 billion dollars. This year's valuation is 30 times PE. Artificial intelligence+IT services: Traditional decentralized, extensive, and inefficient IT operations and maintenance will shift to automation and intelligence. Artificial intelligence+IT services will gradually change the business model, and large-scale effects will be reflected. Stronger technical barriers will completely greatly improve profit efficiency. Major trend: The peak growth rate of IT infrastructure hardware investment is slowing down, and investment in operation and maintenance is starting to grow at an accelerated pace. In the cloud computing era, weak hardware, strong operation and maintenance. Capable: History has never been extended, and it all depends on endogenous growth of 30% per year. Interest binding: An additional 560 million yuan was raised, and the majority shareholder covered 100%. Currently, the additional price increase is 6.06%. In computer history, any major shareholder who received 100% additional shares clearly surged profits. Profit forecast and investment rating (without considering expansion and dilution): EPS in 17/18 was 0.5/0.72 yuan, respectively. Based on the company's high growth and artificial intelligence+IT operation and maintenance and SME cloud operation and maintenance layout, the company was given 46 times PE in 17 years, a target price of 23 yuan for six months, for the first time coverage, and a purchase rating. Risk warning: Professional third-party IT operation and maintenance falls short of expectations, and the market fluctuates in the short term.