Acquisition of the largest Internet payment company in southwest China: the company announced that it plans to acquire 35% of the shares of Yunnan Benyuan Payment Management Company. New profit growth points can be expected: 1) It is the only Internet payment company in Yunnan and the largest in the southwest: the company is the prepaid card company with the largest number of cards in the southwest region, the widest range of business coverage, and the largest transaction scale, with a cumulative issuance amount of more than 5 billion yuan, more than 10 million card users, and more than 10,000 cooperative merchants. It is the only comprehensive third-party payment company in Yunnan Province that provides payment solutions and financial services; 2) The potential profit is considerable and there is huge room for development: Currently, Benyuan card holders are mainly corporate customers, and in the future, they will focus on expanding individual consumers. Based on the profit of 20-30 yuan per cardholder, the profit scale of Benyuan card payment companies is expected to exceed the company's real estate business scale; 3) Business innovation continues: in addition to traditional card sales revenue, consumer commission rebates, and accumulated capital interest, home membership cards also provide loan services for home improvement and furniture. In addition, they are also cooperating with driving schools to launch the “Car Pay Bao” business, an O2O product for automobile consumption. The majority shareholder has a strong background, strong support, or increased: CITIC Group currently holds 35% of shares and is the largest shareholder: 1) Strong capital strength and smooth financing channels: the group company has assets of nearly 100 billion dollars, cooperates with financing channels such as banks, trusts, and asset management companies, and has an annual financing amount exceeding 30 billion yuan; 2) Committed to becoming a financial holding group: the company fully implements the “Three Two” strategy, including implementing the two transformations of big health and big leisure, consolidating plans for the Internet and financial platforms, and aims to become a well-known domestic financial holding group with urban operations as the core; 3) Major shareholders are expected to become a well-known financial holding group in China with urban operations as the core; 3) Major shareholders are expected Support corporate refinancing: The company's 4 billion refinancing last year was denied because all of the funds were used to supplement working capital. In the future, the majority shareholders will fully support the new issuance plan. Yunnan's regional value has increased, and real estate business has blossomed in many ways: the country approved the establishment of the Mengla Pilot Zone to build a “Belt and Road” bridgehead, and Yunnan's regional value continues to rise: 1) The Yunnan real estate market is slowly recovering: the Yunnan market has been stable and has continued to recover in the first half of the year; 2) The company's real estate reserves of 11.8 million square meters, tourist real estate or highlights: The company currently has a natural advantage in developing tourist real estate, and is also committed to establishing cooperation with payment companies. The company currently has a land reserve of nearly 11.8 million square meters, 54% is residential integration, and 40% is tourist real estate. The company has a natural advantage in tourism real estate development, and is also committed to establishing cooperation with payment companies. Become China's health and leisure Real estate leader; 3) RNAV revalued $13 billion at $12.14 per share. Investment suggestions: The company plans to acquire the only Internet payment company in Yunnan and the largest in the southwest. The profit is considerable and the space is huge. Strong shareholders' capital and background strength will help advance refinancing. Yunnan's regional value will continue to rise with the Belt and Road, the real estate business is also expected to maintain steady growth, and the land reserves are revalued at nearly 13 billion yuan. We expect the company's EPS in 15-17 to be 0.51, 0.62, and 0.74 yuan, and the corresponding PE is 15.7, 12.9 and 10.9 times. First coverage, giving it a “buy-A” investment rating, regardless of the Internet If the actual profit of the payment company increases, a target price of 12.14 yuan for 6 months is given. Risk Warning: Acquisition Failure, Interim Profit Deviation