According to Panorama News, Fast Reading Technology, a wholly-owned subsidiary of Gao Weida, has officially signed a cooperation agreement with ByteDance ByteDance to become the core overseas agent of TikTok Ads and has obtained overseas marketing agency rights for TikTok and various other overseas traffic products in more than 150 countries and regions on five continents. Key investment points: The subsidiary obtained the TikTok core agent qualification, opening up space for overseas growth. TikTok (Douyin International) has developed rapidly since 2019. According to SensorTower data, TikTok already has 1.5 billion users worldwide, with user growth reaching 614 million in 2019. According to AppsFlyer data, TikTok has entered the top ten advertising platforms in the world. TikTok's overseas advertising relies on agencies to attract advertisers. Agencies participate in advertising planning and placement and receive share commissions. Currently, the core overseas agents of TikTok Ads are only two companies, Quick Reading Technology and Guangdong Group. By obtaining the TikTok Ads core agency qualification, Fast Reading Technology will, on the one hand, promote the development of its overseas mobile marketing business and better serve the overseas business development of domestic customers. On the other hand, it will also be integrated with Gaowedia's fintech business to help domestic financial institution customers develop overseas customers. Considering that the early stages of cooperation need to go through certain tests and verification, we believe that TikTok's overseas advertising promotion will begin to contribute to the company's performance elasticity in the fourth quarter of 2020. The expansion of digital currency application scenarios has brought core benefits to bank IT. According to Didi's official website, Didi recently reached a strategic cooperation agreement with the Central Bank's Digital Currency Research Institute to jointly study and explore scenario innovation and application of digital currency in the field of smart travel. Meanwhile, according to Tencent news, Didi, Meituan Review, and Bilibili (Station B) have all cooperated with many banks participating in digital currency projects, and companies such as ByteDance are also discussing the possibility of cooperation with banks. On April 15, 2020, according to Sina Finance, the central bank's digital currency DCEP has now been tested internally by some banks. The first batch of pilot regions includes Suzhou, Xiong'an, Chengdu, and Shenzhen; on April 22, Xiong'an held a DCEP pilot promotion conference, and many restaurants, entertainment, and retail merchants such as McDonald's and Starbucks were invited to participate. In May, the governor of the central bank, Yi Gang, was interviewed during the “two sessions”, confirming for the first time that digital currency has been closed for pilot testing in Shenzhen, Suzhou, Xiong'an, and Chengdu. We believe that the application scenarios of central bank digital currency in the internal testing phase are constantly being extended, and progress may exceed expectations. The launch of digital currency will reshape the payment industry chain, and bank IT is the core benefit link. A new cycle of banking technology begins. We believe that banking technology has entered a new development cycle starting in the second half of 2019, which is mainly reflected in two aspects: 1) the country has implemented an autonomous and controllable strategy for fintech, and large banks need to replace integrated equipment and basic software with domestic production; 2) cloud computing has become one of the main infrastructure of banks. Demand for private and hybrid clouds for banks has expanded, and data centers have continued to expand, which is reflected in a high increase in IT operation and maintenance revenue on the company's reporting side. Currently, all banks have increased their investment in fintech. According to each bank's annual report, the four major banks all invested more than 11 billion yuan in technology in 2019, of which the company's core customer, CCB's fintech investment reached 17.6 billion yuan, accounting for 2.50% of CCB's revenue. From a corporate perspective, the revenue growth rate of 2019Q4 companies in a single quarter reached a new high in 2019, reflecting the acceleration of investment in technology in domestic banks. At the same time, the sharp increase in the company's inventory and contract liabilities in 2020Q1 reflects the company's abundant order status, confirming the high level of banking technology prosperity. Profit forecast and investment rating: Maintain a “buy” rating. We believe that the company's internet marketing business is expected to use TikTok to go overseas, and the banking technology business is in an upward cycle. We expect the company's EPS in 2020-2022 to be 0.40/0.52/0.64 yuan, respectively, and 48/38/30 times the PE corresponding to the current stock price, respectively, to maintain the “buy” rating. Risk warning: 1) the risk that cooperation with today's headlines will not progress as expected; 2) the risk that the digital currency will advance less than expected; 3) the risk that the company's performance will fall short of expectations; 4) systemic risk.