Guide to this report: The company's ICT business revenue is growing steadily, emerging businesses are flourishing, and the Internet of Vehicles and biogenetic businesses are expected to open up room for growth. Key investment points: First coverage, giving an “increase in weight” rating. We expect the company's revenue in 2018-2020 to be $1,408, $1,401, and $1,490 million, net profit due to mother of $224, 3.00, and 386 million yuan, and earnings per share of $0.22, 0.30, and 0.38 yuan. Referring to the valuation situation of comparable companies, Guomai Technology was given a valuation of 47 times that of 2018, corresponding to a target price of 10.34 yuan, and a “gain” rating. The company has sufficient cash reserves. In the current sluggish market environment, the IoT and cloud health businesses are expected to buck the trend and expand, focusing deeply on the transformation of new businesses. The third-party safety certification platform for used cars that the company applied for construction is expected to continue to be improved and promoted in the future. Cloud Health Medical Center cooperates with medical institutions to continuously launch diverse service forms. At the same time, the national biological genetic testing service invested by the company has obtained a qualification license, and there is huge room for future development. The company will continue to advance the boutique traditional ICT integration and consulting business strategy. With the company's many years of operator service experience and rich product lines, although the ICT integration business currently has a low gross margin, the future traditional business can be refined to improve profitability and reduce advances while controlling scale. The real estate business provides good cash flow, and the synergy effect of the education business is obvious. The company's science park in Mawei covers an area of nearly 60,000 square meters, bringing good synergy effects to the company's IoT development, while there is huge room for future appreciation. Fuzhou University of Technology has implemented the “Industry-University-Research” integration strategy to provide long-term talent and technical support for the company. Risk Alerts: Technology Risk, Business Expansion Risk, Policy Risk