Performance summary: The company achieved operating income of 8.85 billion yuan in 2019, an increase of 4.5% over the previous year; achieved net profit of 580 million yuan, a year-on-year decrease of 27.6%; and realized net profit of 490 million yuan after deduction, an increase of 2.7% over the previous year. In the first quarter of 2020, we achieved revenue of 1.73 billion yuan, an increase of 5.4% year on year, and realized net profit of 160 million yuan, an increase of 2.4% year on year. The performance was in line with expectations, and the profit growth rate increased steadily after deduction. Looking at the revenue side, the health and finance industry, which accounts for a relatively high revenue growth rate of 25.4% and 0.6% respectively, accounting for 16% and 49% of revenue respectively. Overall revenue showed a steady growth trend. On the profit side, when overall gross margin increased by 1 percentage point, the net profit growth rate compared to revenue was mainly due to: 1) the cost ratio increased by 0.7 percentage points during the period (R&D expenses rate increased 1.8 percentage points); 2) the high non-revenue base in 2018 (the subsidiary Zhigao Communications paid performance compensation due to poor performance standards in 2018). Judging from net profit deducted from non-return to mother, the company grew 2.7% year-on-year in 2019 and is in a steady state of growth. The medical field is booming, and the company has obvious advantages. Benefiting from electronic medical record level testing, health insurance IT construction, and pandemic factors catalyzing demand for internal informatization and public health informatization on the hospital side, we expect the medical IT sector to be booming. The company has more than 100 high-quality medical customers. Currently, the service network covers 31 provinces and cities across the country. In 2019, the total number of 10 million orders exceeded 50% of the sector's revenue, and new customers were significantly added (new customers accounted for 30% of the total number of contracted customers). At the same time, the company is seizing Internet medical development opportunities. The core brand Health Music has provided services for the patient management business of more than 100 top hospitals across the country. By the end of 2019, the platform had tens of thousands of doctors and managed more than 10 million patient cases, making good progress. Joining hands with Huawei to localize finance, the company can be expected to grow. The company is deeply involved in the financial field, and its products cover traditional business, internet finance, cloud hosting, financial credit reporting and anti-money laundering, financial leasing, investment and financing. At present, the company has become the core ecological partner of Huawei's Kunpeng ecosystem, and has established a Pengxiao server production base in Ningbo. In the future, with the large-scale application of Pengxiao servers in the financial field, the company's financial business will promote the localization of financial institutions while effectively increasing the gross profit margin of this business to help increase performance. Profit forecasting and investment advice. EPS is expected to be 0.33 yuan, 0.47 yuan, and 0.64 yuan respectively in 2020-2022, and net profit returned to mother will maintain a compound growth rate of 50% over the next three years. Considering that the company is a leading company in system integration and has fully benefited from the boom in the medical IT industry and the wave of financial IT localization, we are optimistic about the company's development for a long time. Covered for the first time, giving a “holding” rating. Risk warning: insufficient demand from medical customers, poor financial localization and substitution, and declining gross margin of integrated businesses.