Key investment points: Performance is in line with expectations, maintaining an increase in holdings rating, and maintaining a target price of 27 yuan. During the reporting period, the company achieved total operating income of 1,396 billion yuan, an increase of 76.71% over the previous year; net profit attributable to shareholders of listed companies was 129 million yuan, an increase of 26.51% over the previous year. The 2016-2017 EPS is maintained at 0.30/0.53 yuan, and the 2018 EPS is expected to be 0.73 yuan. Maintain the target price of 27 yuan and maintain the “increase in holdings” rating. The main business is growing steadily, with finance as the core main line, and the construction of a closed-loop ecosystem is almost complete. The two-wheel drive of endogenesis and epitaxial has formed the three core business systems of the Internet of Things industry, OTT, and innovative Internet finance. The construction of a closed-loop ecosystem with finance as the main line is almost complete. The main contributor to the company's revenue in 2015 was still the company's traditional smart card and software system integration businesses. The OTT industry, which was newly incorporated into the merger, gradually contributed to the company's revenue and profit during the reporting period. We believe that the company's strategic upgrade and comprehensive efforts to innovate financial services will contribute little to revenue during the reporting period, but will be the core source of the company's performance explosion in the future. Using payments as leverage to leverage the trillion-dollar Internet finance market, an explosion in performance is worth looking forward to. The company holds billing and factoring licenses, and is expected to obtain national licenses in various fields; through in-depth cooperation with OTT license holders, open up C-side entrances; and accumulate B-side resources through IoT construction. Integrate the three streams of “logistics+information flow+cash flow” to create a financial service platform based on big data. In the future, Card Friends will vigorously promote the installation of POS terminals. It is expected to reach 50/1 million units in 2016/2017, and the compound growth rate in 2015-2017 will exceed 200%. After the factoring company starts production, the average annual profit is expected to exceed 450 million yuan. The financial system will have a large capital investment in the early stages of horse racing, and it is expected that 2016-2017 will gradually be reflected in the level of net profit. Risk warning: Acquisition business expansion falls short of expectations, OTT cooperation progress falls short of expectations