Leading the financial IT segment, vigorously expanding the fields of IDC and cloud computing. Zentong Electronics was founded in 1993 and successfully listed on the Shenzhen Stock Exchange in 2007. The company started with a financial self-service terminal and issued a non-public offering of 1.5 billion yuan in 2015, vigorously developing the IDC and cloud computing fields. It has 5 large Internet data centers in Shenzhen, Guangzhou, Dongguan, and Changsha. The company has now become a high-tech enterprise with products and services covering the three fields of financial electronics, IDC and cloud computing, and LED lighting, integrating independent R&D, production, sales and service. Located at the core node of the Greater Bay Area, IDC's business is expected to be profitable on a large scale in 2019. 1) The company's IDC business in the two urban agglomerations (Guangdong-Hong Kong-Macao Greater Bay Area and Changzhu Tan urban agglomeration around the Xiangjiang River) has a large market lead. There are 5 self-built IDC distributed data centers, and the total planned scale of racks will reach 30,000, reaching Tier 4 level (the highest level among internationally recognized data center standards), that is, financial grade A standard construction. Customers that have already entered and signed contracts include Baidu, Tencent, Youku, 360, JD, China Telecom, Ping An Communications, and the Changsha Municipal People's Government. 2) 2016-2018 is the investment period for the IDC business, and revenue and profit are under phased pressure. Since the second half of 2018, the company has continued to receive large orders from high-quality customers, and the IDC business is expected to usher in large-scale profits in 2019. The “Guangdong-Hong Kong-Macao Greater Bay Area” has been upgraded to the country's top development strategy, and the company is expected to enjoy the wave of urban development and informatization. The term “Guangdong-Hong Kong-Macao Greater Bay Area” was first included in the government work report in March 2017 to the government work report of the two National Conferences in 2018. The “Guangdong-Hong Kong-Macao Greater Bay Area” was included in the new regional development pattern section and upgraded to a top national development strategy. The company's **** District node is located at the center of the triangle of Guangzhou, Shenzhen and Dongguan, the three core cities of the Greater Bay Area, and is also at the center of the Guangzhou-Shenzhen Innovation Corridor. With the implementation of the Guangdong-Hong Kong-Macao Greater Bay Area strategy, the company is expected to benefit fully from a wave of urban development and informatization innovation. The target market value for 2019 is 7.5 billion yuan, which for the first time covers the “increase in holdings” rating. According to key assumptions, the estimated operating income for 2018-2020 was 1,438 million, 2,275 million, and 3.438 billion, respectively; net profit for 2018-2020 was 0.06 billion, 106 million, and 209 million, respectively. Referring to the valuations of companies in the same industry, and considering that the highest quality financial industry customers account for a relatively large share and profitability higher than that of peers, the target market value for 2020 is 7.5 billion yuan, corresponding to PE 36x. For the first time, coverage gave an “increase in holdings” rating. Risk warning: cabinet launch progress falls short of expectations; the company's benefits to the Greater Bay Area fall short of expectations; macroeconomic risks; risk that key assumptions do not match actual conditions.