Introduction to this report: The company will evolve into a big data operating company with finance as the primary means of monetization. Under the new business logic, the payment business market performance is expected to exceed expectations and achieve continuous traffic and data supply. Maintaining an increase in holdings rating, the target price is 27 yuan. Key investment points: The first coverage gives an increase in holdings rating, and the target price is 27 yuan. The company's 2015-2017 EPS is expected to be 0.11, 0.30, and 0.53 yuan, and the average PE in the payment and internet finance industry in 2016 was 61.95 times. However, considering the company's market resource advantages and the evolution and upgrading of its business model, the company was given a certain valuation premium, giving the 2016 PE 90 times, with a target price of 27 yuan. The essence of the company is a big data operating platform with finance as the primary profit model. The company has achieved collaborative development in the three innovation sectors of the Internet of Things, Internet finance, and OTT, creating an innovative platform with OTT TV as the C-end entry point and big data operation as the core competitiveness. Internet finance is currently the company's primary way to monetize, and there is plenty of room for imagination in subsequent traffic and data monetization. The integrated payment model has greatly enhanced market competitiveness, and market performance is expected to exceed expectations. The core advantage of card users is scarce national billing licenses and perfect operating systems and merchant accumulation. On the basis of existing business, businesses such as factoring and small loans have built a new business logic using payments as traffic and data entry, and finance as the monetization model. On this basis, card players will show strong market expansion capabilities, and their performance in the payment field is expected to exceed expectations. Building an IoT operating platform based on RFID, traditional businesses can iterate on business models. Relying on the company's layout in the field of RFID, or IoT system integration, from software, systems, and integration to overall IoT 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 enable business model evolution. Risk warning: (1) Risk that the issuance of third party payment licenses falls short of expectations (2) Risk that the offline billing market will not expand as expected (3) Risk that OTT cooperation will not progress as expected