Guide to this report: Releasing a performance report, Zhongjia Bochuang achieved net profit of 259 million yuan in 2018, a sharp increase over the previous year. Edge computing applications are being implemented at an accelerated pace in 2019, and the company's site resource pool project is expected to benefit. Key investment points: Maintain the “increase in holdings” rating, and keep the target price of 18 yuan unchanged. The company released its 2018 performance report. In 2018, it achieved net profit of 259 million yuan, EPS of 0.39 yuan, and performance downgraded (-16.8%). The main reason was that operators' comprehensive agency business procurement declined, and telecom value-added business revenue was affected by channel tariffs. Considering the acceleration of 5G commercialization in 2019 and 2020 and the increase in operator spending, the EPS in 2019-2020 was maintained at 0.60 yuan and 0.73 yuan. Referring to the valuation situation of comparable companies, Zhongjia Bochuang was given a valuation of 30 times in 2019, corresponding to the target price of 18 yuan. It remained unchanged and maintained its “increased holdings” rating. The acquisition of Jiahua completed the merger, and performance is expected to increase significantly: the company's operating income rose significantly in 2018, mainly due to the completion of the merger, and the continued expansion of business scope. In the future, 5G commercial construction is accelerating, and operator spending is expected to increase. At the same time, the acquisition of Jiahua Information will increase the market share of the intelligent information transmission business. It is expected that the company's performance will continue to grow at a high rate in 2019. Edge computing applications are being implemented at an accelerated pace, and site resource holders have clearly benefited: edge computing computer rooms are small, standards such as load bearing and earthquake resistance are relatively low, and it is distributed, so it is more suitable for deployment on small base stations. The company is actively deploying the “5G Site Resource Pool” project across the country, and is expected to benefit significantly when edge computing applications are implemented in the future. Catalysts: Increased enterprise SMS business volume; 5G-based construction operators increased network maintenance expenses; Risk warning: SMS business margin declined; 5G construction fell short of expectations; and financial services outsourcing market expansion fell short of expectations.