Report Summary: Asus Information's main business is to provide integrated IT solutions in the field of credit asset management and risk management to bank-based financial institutions, including software development, implementation, maintenance, business consulting and related services. There are more than 140 domestic customers using the company's products and services, including 9 national joint stock commercial banks, 2 foreign banks, more than 70 large and medium-sized urban commercial banks, 5 provincial rural credit union associations, about 30 rural financial institutions of other types, and more than 20 non-bank financial institutions and non-financial institutions, including trust investment companies, finance companies, consumer finance companies, etc. The overall market concentration of the banking IT solutions industry is not high, and the segments are relatively concentrated. According to 2012 data provided by the prospectus, Asus Information ranked second with a market share of 9.9% in the field of credit management solutions; in the field of risk management systems, it ranked ninth with a market share of 3.2%. According to IDC's forecast, the average compound annual growth rate of the IT solutions market in China in 2012-2017 was about 21.7%, and the market size is expected to reach 32.44 billion yuan by 2017. The development of this industry mainly depends on the growth in the size of assets in the downstream banking sector and the increase in the informatization rate. In the long run, we believe that the banking IT solutions market will continue to grow at a relatively rapid pace. On the one hand, competition in the banking market is intensifying, product innovation in the fields of credit and risk management is changing rapidly, and demand for related IT products and services continues to grow; on the other hand, China's banking assets will continue to increase along with macroeconomic growth. The company has now issued 8.72 million new shares and transferred 8.46 million old shares at an issue price of 2340 yuan. We expect the company's earnings per share from 2013 to 2014 to be 0.73 yuan and 0.94 yuan respectively. According to the industry average, the price-earnings ratio for 2013 is 30-40 times, and the corresponding price is 21.9 yuan to 29.2 yuan. Risk warning: The downstream banking market has undergone major changes, market competition has intensified, and labor costs have risen too fast.