Guide to this report: The company's business structure has been adjusted smoothly, and the integration of “industry-academia-research” has accelerated the company's all-round development. Investment points: Maintain the “increase in holdings” rating, and the target price remains unchanged at 10.34 yuan. We maintain our predictions of the company's 2018-2020 EPS of 0.22, 0.30, and 0.38 yuan. Referring to the valuation of comparable companies, Guomai Technology maintained a valuation of 47 times in 2018, corresponding to the target price of 10.34 yuan, maintaining the “increase in holdings” rating. The company's business structure was adjusted smoothly. In the first half of the year, the company achieved operating income of 641 million yuan, a year-on-year decrease of 3.84%, and a comprehensive gross profit margin of 39.13%, an increase of 1.89% over the previous year. In the first half of the year, the company adjusted its main business structure. Judging from the financial results, progress was smooth. Although the company had the pain of declining revenue in the short term, in the long run, the act of restructuring increased the company's overall gross profit margin, and the company's profitability improved. The company's profit growth rate is expected to accelerate markedly in the third quarter, exceeding market expectations. The Polytechnic Institute has become a technical support platform for the company's development. The model of integration of industry, academia, and research has brought good synergy effects, expanded the scale of education, and increased education revenue and profits; the company implemented the “Internet of Things +” strategy and increased investment income brought about by the company's layout in key industries such as finance. The second half of the year is expected to be a critical inflection point in the company's profit growth rate. The biological and park development business is progressing smoothly. Guomai Biotech has obtained the “Medical Institution Practice License” issued by the Health Planning Commission, and Guomai Biotech has officially obtained the qualification to engage in clinical cellular and molecular genetic medical testing services. At the same time, benefiting from rising real estate prices in Fuzhou, large-scale sales of developed parks will significantly increase the company's profits in the future. Risk warning: technical risk; risk of company business expansion; risk of gradual tightening of overall real estate policy in 2018