The company announced that it plans to acquire Jiabo Technology, the subject of printing, at a price of 815 million yuan in share+cash, to rapidly improve the mobile intelligence informatization business line while significantly increasing its performance. The two sides are highly collaborative and complementary in terms of functional attributes and application scenarios, which helps listed companies to better seize the development opportunities of the Internet of Things and maintain the “Highly Recommended - A” rating. Incident: The company announced that it plans to acquire 100% of Jiabo Technology's shares at a price of 815 million yuan, of which 489 million yuan was paid for shares, an issue price of 15 yuan/share, and a cash payment consideration of 326 million yuan, while raising additional supporting capital of 350 million yuan. Jiabo Technology's performance commitment for the year 2019-2022 is to deduct non-net profit of not less than 800 million yuan, 100 million yuan, 120 million yuan and 135 million yuan, respectively. Trading of the company's shares will resume on December 17. Improve the mobile intelligence informatization business line, and have a high degree of collaboration between technology and customers. One important difference between YouboXun and Zebra Technology, a leading AIDC company overseas, has always been the lack of a printing business line. This time, the company quickly completed the dedicated printer business line through an extension merger and acquisition of Jiabo Technology. Strong synergy and complementarity between the two sides in terms of core functional attributes and application scenarios will help achieve integrated and integrated service capabilities for industry customers as soon as possible. Jiabo Technology's main business is the R&D, production, sales and service of special printers. Its main products include label printers, bill printers, printer core modules, and intelligent printing terminals, etc., which play an important role in providing printing services required for information output in the industry's mobile intelligent informatization management. The two have highly coincident downstream customers in the application fields of logistics and express delivery, e-commerce, retail, industrial manufacturing, etc., and the large overlap of upstream raw materials can give full play to the advantages of collection. Collaboration and complementarity will further help listed companies seize the big opportunities for industry development. In addition, YouboXun's successful development in overseas markets in the past two years has also helped Jiabo Technology rapidly explore overseas target markets. Jiabo Technology is growing rapidly, strongly consolidating the performance of listed companies. In 2016, 2017, and 2018 Q1-Q3, Jiabo Technology achieved a rapid year-on-year increase in non-net profit of 8.78 million yuan, 35.3251 million yuan, and 44 million yuan respectively. Performance promises also guarantee a certain level of growth over the next 4 years. The completion of this merger and acquisition will greatly increase the revenue and net profit levels of listed companies, further increasing the valuation appeal of listed companies. “Highly recommended - A” investment rating. The company's own business is growing rapidly both at home and abroad, and mergers and acquisitions will further consolidate performance. The impact of mergers and acquisitions is not considered yet. The EPS for 18-20 is expected to be 0.51/0.74/0.98 yuan, and the current price corresponding to PE is 37/25/19 times, with high growth and undervaluation, maintaining the “Highly Recommended - A” rating. Risk warning: Overseas expansion falls short of expectations; risk of falling gross margin; risk of failure to proceed with mergers and acquisitions as scheduled.