Key investment events: The company recently announced a fixed increase plan. The capital raised by the non-public offering of shares will not exceed 1,175 billion yuan, the number of shares issued will not exceed 464.197 million shares, and no more than 5 people will be issued, mainly financial investors. All of the net funds raised this time after deducting issuance fees will be used for smart courier cabinet development and industrialization projects. Comment: This fixed investment of 1.2 billion dollars in the smart courier cabinet project is an extension of the company's Internet strategy, expanding from corporate SMS and digital marketing business to smart courier cabinet business. The advantage of the company's investment in smart courier cabinets is that project construction will involve information communication and connection module construction, enterprise information module construction, advertising module construction, and courier cabinet design and manufacturing, etc., and all of the company's subsidiaries have rich industry experience. Integrate relevant resource advantages with technology and market advantages to give full play to synergies. Smart courier cabinets are currently the main technical route for solving the “last mile”. They have great potential for development in terms of community O2O entry value. The “last mile” delivery dilemma has become a problem that needs to be solved urgently in the express delivery industry. Smart courier cabinets provide users with independent and convenient time, protect users' privacy, and at the same time improve courier delivery efficiency and reduce delivery costs. Compared with other terminal delivery models, mainly convenience stores, smart courier cabinets can occupy a mainstream position with the advantages of low cost, high service stability, and package handling volume. Under the forward-looking concept of seizing the entrance to the community, e-commerce giants, express delivery companies, etc. have set up one after another. Profit forecast and valuation: In the short term, the combined effects will drive explosive growth in the company's performance. In the long run, the company's SMS and digital marketing business will drive the company's high compound performance growth; the smart courier business will open up a broad space for the company's community O2O business; without considering the smart delivery cabinet business for the time being, we expect the company's EPS for 15-17 to be 0.61, 1.22, and 1.72 yuan, giving it a “buy” rating. Risk warning: competition in the Internet SMS industry is intensifying; the SSP industry is developing less than expected;