Report summary: The strategic transformation layout of smart marketing and SaaS, and smart hardware+smart marketing creates a successful example of a two-wheel drive upgrade. In 2017, Maida Digital introduced industry experts with management and technical experience in the Internet field, such as Gao Liqiang, global vice president of Oracle, to focus deeply on the theme of smart marketing, continuously increase R&D investment, and incubate a number of big data marketing technology projects internally. Maida Digital aims to use technology to drive marketing capabilities, integrate various service providers in the enterprise marketing industry chain, join many SaaS companies and big data companies in the CRM segment, and is committed to one-stop marketing digital transformation services with technology as a bridge, data as a driving force, and the goal of integrating quality and efficiency, and building an enterprise marketing ecosystem. Looking at the medium to long term, Maida Digital's manufacturing sector has been gradually upgraded from manufacturing to intelligent manufacturing. The smart marketing sector has basically fully penetrated the enterprise marketing service ecosystem chain. The SaaS layout will lock in the rapid growth of leading companies in the industry segment. In the future, the company is expected to grow into a model of growth driven by the two wheels of “smart hardware” + “smart marketing SaaS”. Smart marketing: The enterprise-level marketing ecosystem layout, SaaS layout targets the digital marketing transformation of leading companies in the industry segment, and fully benefits the growth of downstream markets and the rapid growth of major customers. In view of the huge terminal audience base and broad market space, the revenue scale of the smart marketing market reached 382.87 billion yuan in 2017, an increase of 31.9% over the previous year. The company laid out smart marketing through successful mergers and acquisitions, and continued to strategically lay out the SaaS field. It is expected that on the basis of the collaborative layout of the entire industry chain, the advantages of talent reserves and industrial resources will be used to quickly target leading downstream companies and implement a new model of growing with major customers. Intelligent hardware: a solid foundation, integrated into the Internet giant's industry chain. Nearly 20 years of experience in serving world-renowned brands in smart hardware have given Maida a deep accumulation and heritage in the fields of product planning, R&D and manufacturing. The company's own brand engineering products have entered the supply chain of major customers such as the whole family, Huawei, JD, and Xiaomi. From the brand to the supply chain, they have targeted the main customers in the field of intelligent manufacturing in the future, and a new round of high growth can be expected. Investment recommendations and ratings: The total net profit of the company in 18-20 is estimated to be 140 million, 221 million, and 352 million yuan, and the corresponding EPS is 0.24, 0.38, and 0.60 yuan, giving it a “buy” rating. Risk warning: Smart marketing business expansion falls short of expectations.