Guide to this report: The 2019 interim report results are in line with expectations, and we are waiting for 5G operators' dividends. At the same time, the company is cooperating with industry leaders such as Huawei, Tencent, Ali, and Ping An, so it is worth looking forward to in the field of public safety. Maintain the “increase in holdings” rating and maintain the target price of 10.89 yuan. Investment points: The 2019 interim report results are in line with expectations, maintain the “increase in holdings” rating, and maintain the target price of 10.89 yuan. The company's 2019 H1 revenue was 1,593 billion yuan, up 34.69% year on year, and net profit was 44.8071 million yuan, up 16.80% year on year. The performance was in line with expectations. Among them, the increase mainly comes from: ① the steady increase in revenue from the three major operators; ② the financial sector has more orders, and the revenue growth rate is faster. Revenue for 2019-2020 was maintained at 4.682 billion yuan and 5.790 billion yuan, respectively, and net profit of 289 million yuan and 365 million yuan, corresponding to EPS of 0.45 and 0.57 million yuan. Added 2021 profit forecast: revenue of 7.205 billion yuan, net profit of 427 million yuan, corresponding to EPS of 0.67 yuan. Maintain the target price of 10.89 yuan, corresponding to 19 times PE in 2020, and maintain the “increased holdings” rating. The off-season did not abate, and the economy maintained steady growth under downward pressure. In 2019, the company's H1 revenue was 1,593 billion yuan (YoY 34.69%) and net profit of 44.8071 million yuan (YoY 16.80%). It maintained steady growth under downward economic pressure, demonstrating the company's refined management capabilities. Gross margin declined significantly, from 24.15% in the same period last year to 20.08%, down 4.07pct, while net margin remained stable (-0.63pct). Among them, the decline in gross margin was mainly due to the rapid growth rate of Jinhuawei (ICT distribution, lower gross profit), which led to a decline in the company's overall gross margin. Considering the company's overall layout, it is expected that overall gross margin will rise steadily and remain at a reasonable level in the future. Mobile orders and fintech continue to grow, and public safety projects are worth looking forward to. The company entered China's mobile ICT sector in 2018. 2019H1 added 24 million new orders, and mobile customer revenue grew rapidly. Fintech, on the other hand, has benefited from increased demand for bank credit risk control, and revenue in this field is growing rapidly. At the same time, in the field of public safety, the company is expanding into new markets such as Foshan, Zhanjiang, Chongqing, and Ezhou, and is expected to reflect revenue in the second half of the year. In terms of partners, the company cooperates with Huawei, Tencent, Ali, and Ping An. Major projects continue to be implemented, and future growth is worth looking forward to. Catalysts: The three major operators accelerate the transformation of clouds, public safety, and smart city projects. Risk warning: High concentration of customer industries