Guide to this report: The company will benefit from the State Council's preferential tax policies, which will help reduce the company's tax burden and develop computer business better and faster. Investment points: The target price is 30.6 yuan, maintaining an increase in holdings rating. ① R&D expenses benefit from the State Council's preferential tax policies: The policy of increasing the R&D expenses plus deduction ratio of enterprises to 75% has been extended from technology-based small and medium-sized enterprises to all enterprises. ② Adjust the previous judgment on the investment income of the company's transfer of nurturing travel business companies, taking into account the cost of net assets, intermediary expenses, and taxes, and actually contributed about 1-2 million yuan in investment income. ③ Overall, the 2018 profit forecast was lowered to maintain the 2019-2020 profit forecast. The net profit for 2018-2020 was 3.60/4.70/619 million yuan, with a year-on-year growth rate of 34%/30%/32%. EPS was 1.03/1.35/1.77 yuan, respectively, and the 2018 EPS was reduced by 0.18 yuan/ -14.9%. 2018 dynamic valuation 17.4xPE. Maintain the target price of 30.6 yuan and maintain an increase in holdings rating. Use fiscal and financial policies to increase tax incentives for technology-based enterprises. The State Council has clearly proposed a policy to increase the R&D expenses of enterprises plus deduction ratio to 75% from technology-based small and medium-sized enterprises to all enterprises. Beibu Gulf Travel spent $82 million on R&D in 2017. Under this policy, pre-tax deductions of $62 million can be increased, and at a 75% tax rate, performance can be increased by 47 million yuan. Focusing on the main computer industry, R&D expenses are on the rise. The company will expand the “Xueliang Project” project and data service business, and the preliminary preparations for the business will increase investment in R&D expenses. The travel business provides good cash flow. The tourism business invests heavily and has a long return on investment period. After the company divests the incubation period business, the factors that suppress performance are lifted, and the cash flow and profitability of the tourism business will improve markedly. Risk factors: weather factors affect route operations, order volume falls short of expectations, macroeconomic downturn.