Guide to this report: Profits declined in the first quarter of 2019 due to high costs. The company is expected to receive leasing revenue from site resources in 2019. Compared with maintenance revenue, the change in business model will bring greater profitability to the company. Key investment points: Maintain the “increase in holdings” rating, and keep the target price of 18 yuan unchanged. The company released its first quarter report for 2019, with revenue of 828 million yuan in the first quarter, an increase of 40% over the previous year. First-quarter profit fell short of expectations due to high costs. Considering the growth space of enterprise SMS, the pace of 5G commercial construction, and the development trend of fintech and financial services outsourcing, it is predicted that the company's operating income will increase by 24%, 22%, and 25%, respectively, and net profit will increase by 60%, 22%, and 19%, respectively, in 2019-2021. The increased earnings per share were 0.61 (+45%), 0.74 (+42%), and 0.88 (+49%) yuan, respectively. Give Zhongjia Bochuang 29.5 times PE and maintain the corresponding target price of 18.00 yuan. The decline in profit in the first quarter was expensive or painful, and the layout of site resources needed to be released: on the one hand, it was due to intense competition in the enterprise SMS business market, and the decline in gross margin: on the other hand, the company is deploying 5G site resources, but the 5G commercial process in the first quarter has not yet developed to the stage where these site resources can obtain rental income, so the cost is relatively high. Currently, the operator's capital expenditure is impressive, and the pace of 5G construction is accelerating. The company is actively deploying “5G site resource pool” projects across the country. It has rich experience in base station construction. The company is expected to receive rental income from site resources within 2019. Compared with maintenance revenue, changes in the business model will bring greater profitability to the company. After the merger, the revenue of the three subsidiaries increased steadily, and a synergy effect is about to form: in the future, the scope of business will continue to expand, competitive positions are expected to increase further, and performance will maintain a high margin of growth. Catalysts: Enterprise SMS business volume has increased; 5G-based construction operators have increased network maintenance expenses; and financial outsourcing services have become more common. Risk warning: SMS business margin declined; 5G construction fell short of expectations; goodwill impairment.