One endogenous acceleration: Driven by software genes, Intestas' 17H1 market share has accelerated growth. The company currently has two major business segments. One is the traditional steel ring business. Last year's net profit was around 20 million. Benefiting from the recovery of the heavy truck industry, this sector is expected to become the company's cash cow business in the future. One is the emerging automotive IT sector, which mainly consists of Entest (TBOX, software platform) and 95 Smart Driving (TSP call center). Software redefines automobiles and conforms to industry trends. The company plans to use this as the core business segment in the future, aiming to become a leader in the automotive IT field in China. Among them, Intestor is the TBOX leader in the automotive IT segment. According to industry research, we expect a market share of over 40% in the first half of '17. Based on our deep understanding of automotive software, we are optimistic that the company's market share will continue to increase. Endogenous Acceleration 2: Introducing the CEO of QNX China, improving management to accelerate long-term growth. The company recently announced the introduction of Zhang Renjie, general manager of QNX China, a leading global automotive operating system. According to industry research, during his tenure at QNX, he drove the company's business to grow tens of times in China. Previously, the market had concerns about the company's ability to manage and integrate in the automotive IT sector. We believe that through the introduction of this talent, the company's firm optimism about the automotive IT industry has been fully demonstrated. With the introduction of high-end talents, the integration of several major business groups in the company's automotive IT sector is worth looking forward to. Deeply tied to autonomous first-line customers such as BAIC, Foton, and Watermark, we are optimistic that the company will further improve the industrial chain and build a “terminal-TBOX-data platform-TSP” automotive IT industry chain in China. The plan is to increase its cash holdings by about 200 million yuan. The management's deep binding shows that the M&A fund has previously used 380 million yuan to acquire 49% of Intest's shares. The counterparty promised to buy about 200 million yuan of shares after receiving the transfer. Among them, the counterparties are mainly management. The deep binding of management up and down shows the confidence to be optimistic about the company for a long time. At the same time, the company plans to complete a 49% share acquisition in 2018 to achieve a complete acquisition of Intestor. Covered for the first time, a “gain” rating was given. We are optimistic that the company will become a potential giant in the automotive IT sector in China. Regardless of the company's acquisition of the remaining 49% of Intestor's shares, the company's EPS in 2017-2019 is expected to be 0.17/0.23/0.32 yuan, giving it an increase rating for the first time. Considering the high future growth of the company's automotive IT business, combined with the PEG valuation method, we gave a target price of 11 yuan, corresponding to the 2018 valuation of 48X. Risk warning: The development of the traditional steel ring business falls short of expectations, and the growth of the automotive IT business falls short of expectations