Key investment points: 1. The incident company plans to jointly fund the establishment of Shanghai Tangbao Community E-Commerce Co., Ltd. (the name is finally approved by the Administration for Industry and Commerce, hereafter referred to as “Tangbao Community E-Commerce”) with Tangdi Information and others. The newly established company is mainly engaged in community service business. 2. Our analysis and judgment (1). Community O2O is an important part of the company's strategic layout Community O2O is an important layout expansion for the company's strategic transformation. The company has many years of financial IT hardware manufacturing capability advantages. It has successively acquired two companies, Tangdi Technology (that is, Tangdi Information) and Beichende, to enhance its “soft power,” and the business layout is beginning to take shape. Tangdi Technology has strong product and program design capabilities in the payment field, and has also announced plans to establish a credit reporting subsidiary. The company sees that with the development of the Internet, the population of 660 million urban communities across the country has stable and huge consumption capacity; now it is proposed to establish Tangbao Community E-commerce, with Tangdi Information as the major shareholder (55% of the shares of Tangdi Information, 25% of the company's shares) to enter the community O2O, which can make full use of the accumulation of Tangdi Information in basic fields such as payment, credit information, etc., and further improve the business layout. (2) The community O2O business may facilitate the implementation of Internet financial services. The company has fully deployed credit reporting, P2P, and consumer finance. According to the company announcement, in January 2015, Tangdi Technology, as the majority shareholder, plans to jointly establish Shanghai Fitch and enter the credit reporting field; in April 2015, it plans to participate in the establishment of Shanghai Microbank Wealth, mainly focusing on the Internet finance sector, building a P2P online lending platform to provide investment and financing services; in 2015/10, it plans to participate in initiating the establishment of Huayin Consumer Finance Company. Through the community O2O card traffic portal, it is expected to facilitate the implementation of Internet financial services in the future. The commercial value of community O2O is huge. Internet giants such as BAT are being deployed one after another, industrial capital is pouring in, and trillion-dollar market space is still waiting to explode. Referring to the many O2O O2O companies in the current market, such as Color Life, Express Delivery, etc., we believe that the company currently has R&D capabilities for O2O front-end products and back-office services. In the future, it can accumulate B-side and C-side traffic through community O2O card traffic entry, which can create application scenarios for businesses such as credit reporting, consumer finance, and inclusive finance, etc., and may facilitate the implementation of corresponding Internet financial products or application projects in the future. (3) Newly developed smart device card entry. According to the company's announcement, the O2O model will integrate owners' social networking, surrounding business services, property management and informatization, commodity group buying, health care, investment and financial management, consumer finance, big data analysis, etc., through the company's newly developed community smart terminal products and online and offline services, to provide close services to owners and shape a new ecological relationship between community owners, property companies, and community businesses to create an intelligent, convenient and happy life for owners. We believe that through the smart terminal card community entrance, it is expected that rapid deployment and expansion will be achieved; smart terminals integrate multi-functional services, which can enhance user appeal and stickiness, and the O2O business model is worth looking forward to. 3. Investment recommendations Community O2O is an important part of the company's strategic layout; the proposed establishment of the Tangbao community e-commerce may facilitate the implementation of Internet financial services; the newly developed smart device card portal, and the O2O model is worth looking forward to. The company's EPS for 15-17 is expected to be 0.21, 0.48, and 0.73 yuan respectively, maintaining the “recommended” rating. 4. Risk indicates project promotion risks; competition is increasing; business progress falls short of expectations.