Core view: 1. Leading the layout of domestic autonomy and control, and the leading position in the terminal information security market is stable in the information security field. The company's three localized security products (Beixinyuan host audit and monitoring system, Beixinyuan identity authentication system, and Beixinyuan's Jingyun network anti-virus system) were each selected for the first phase of the “Adaptation List” for localized information products. The company's leading layout of domestic autonomous and controllable results were remarkable. The company is committed to intranet terminal security management. In addition to traditional Windows terminals, the company's host security product line has now covered terminal types such as localization, virtualization, mobile, and industrial control, and its leading position in the terminal information security market is stable. In the future, the company will join forces with many domestic ecological chain enterprises to build an autonomous and controllable safety ecosystem to provide industry customers with safe, reliable and applicable integrated domestic autonomous and controllable software and hardware solutions. 2. The core competitive advantage of big data is obvious, and revenue is expected to exceed expectations in the big data field. The company strives to build a next-generation intranet security product ecosystem based on “big data”. The front end of the company's big data analysis system can collect and store data in a larger spatio-temporal range, and the back end can perform in-depth analysis based on the security analysis model, which has obvious competitive advantages. Currently, the company's big data subsystem is widely used in public security, finance, energy and other industries. Revenue reached 25 million in 2017, and related revenue is expected to reach more than 50 million in 2018, and revenue may double. 3. The company's Internet strategic product, “Xinyuan Doudou”, presents a sustainable trend in the Internet field. The company makes every effort to build a “next-generation Internet security aggregation channel - Xinyuan Doudou Linkdood”. Xinyuan Doudou is a secure and trusted aggregation platform based on instant communication, which effectively meets the communication needs of the Internet of Everything era. Under the wave of the country's promotion of autonomy and control, Xinyuan Doudou is actively adapting for localization. Currently, it is the only instant messaging product that can run on a localized operating system, and is showing a sustainable development trend in the future. 4. The investment proposal takes into account the company's technical barriers and customer resource advantages. The company is expected to achieve net profit of 1.65, 2.01, and 259 million yuan in 2018-2020, which is 35, 28, and 22 times the current market value, maintaining a “highly recommended” rating. Risk warning: The risk of changes in relevant national policies, and the company's market expansion falls short of expectations.