The company's revenue and profit grew rapidly in the first three quarters, especially the explosive growth in the third quarter, mainly due to emerging applications and the expansion of overseas markets, breaking the market's inherent perception of the industry pattern and development situation. In addition, the company will also benefit from logistics and new retail changes. High performance growth is expected to continue, and the rating was raised to the “Highly Recommended - A” event: the company released its 2018 three-quarter report and achieved revenue of 693 million yuan in the first three quarters, an increase of 147.09% over the previous year; net profit of 99 million yuan, an increase of 143.13% year over year; net profit after deduction of 89 million yuan, an increase of 152.77% year on year. Among them, the third quarter achieved revenue of 362 million yuan, up 247.71% year on year, net profit of 47 million yuan, net profit of 47 million yuan, 258.13% year over year, not 42 million yuan, or 273.31% year over year. Overseas market expansion has achieved remarkable results, leading to an explosion in performance exceeding expectations. After the market's perception of smart mobile payment terminals basically reached the unanimous expectations of a stable pattern and stable growth rate, the company showed more explosive growth in the third quarter after the semi-annual report exceeded expectations. Based on the semi-annual report, we think it is likely that demand in East China and overseas regions will continue. The company's overseas business expansion has made good progress in India, Southeast Asia, Europe, Russia and South America. China's mobile payments have always been ahead of the world. Demand for equipment in these countries with a high population base is expected to continue to drive the growth of the company's performance. The increase in company inventory with orders is also a good proof. We judge that this is not a temporary demand but a major development opportunity. Companies are expected to benefit from rapid changes in the logistics and new retail industries. The company's smart mobile application terminal products focus on logistics informatization, smart payment, smart warehousing, etc., and already have outstanding advantages in logistics express delivery and new retail industries. With the rapid changes in the new retail and logistics industry led by the current Internet giants, the company's active expansion of technology products in emerging fields such as intelligent warehousing, smart transportation, intelligent manufacturing, product traceability, and administrative enforcement is expected to usher in important implementation opportunities. The results of the company's current business in opening up emerging fields and overseas markets have exceeded expectations, forming a better safety cushion for performance. The implementation of more product applications in the future will give greater flexibility to performance. Upgraded to a “Highly recommended-A” rating. The company's overseas expansion has exceeded expectations, and the new product application field has good performance elasticity. The company's EPS for 18-20 is expected to be 0.48/0.70/0.98 yuan, and the current price corresponds to PE34/23/17 times, with high growth and undervaluation, and upgraded to the “Highly Recommended - A” rating. Risk warning: The growth rate of industry demand fell short of expectations; strategy execution fell short of expectations.