Incident: The company issued an announcement on the evening of July 20. It is expected to achieve net profit of 279.858-32.4866 million yuan in the first half of 2020, an increase of 25.18%-45.31% over the previous year. Comment: The results of the interim report exceeded expectations. Affected by the COVID-19 pandemic, compared with the past, it was more difficult to implement the company's business in the first half of this year, and the revenue recognition process for some customers had to be delayed. However, under these unfavorable conditions, the company's interim report continued to buck the trend and surpass market expectations. Looking at a single quarter in Q2, net profit is expected to be between 31 million yuan and 35 million yuan, up 82.2%-108.7% year on year. The performance recovered strongly compared to Q1, showing a good momentum of development. Join hands with ByteDance to inject new momentum. According to Panorama Network, Quick Reading Technology, a wholly-owned subsidiary of the company, recently officially signed a cooperation agreement with ByteDance ByteDance to become the core agent of TikTok Ads overseas, and has obtained overseas marketing business agency rights for various overseas traffic products such as TikTok (Douyin International Edition), Topbuzz, Buzzvideo, and VigoVideo in more than 150 countries and regions on five continents. This business cooperation with ByteDance will inject new momentum into the performance growth of the company's mobile internet marketing sector. Based on a good customer base, the company is expected to fully benefit from the new boom cycle in the banking IT industry. Driven by multiple factors such as localization, digital currency, and IT distributed architecture upgrades, the banking IT industry is in a new boom cycle. The company has been deeply involved in the banking IT industry since 1998, has a good customer base, and is expected to fully benefit from the new boom cycle in the development of the bank IT industry. According to industry research, the company's main core customers (represented by China Construction Bank) and core partners (such as China Construction Bank) and core partners (such as Jianxin Financial Technology) are in high demand. The company has full orders on hand, and the development momentum is good. Investment advice: The company's interim performance exceeded expectations, and the performance recovered strongly compared to Q1, showing a good momentum of business development. Looking ahead, the company's recent business cooperation with ByteDance will inject new momentum into the performance growth of the mobile internet marketing sector. Also driven by “bank IT+mobile internet marketing”, we are optimistic that the company will enter a high growth path. We expect EPS in 2020 and 2021 to be 0.43 and 0.65 yuan, buy-A rating, and a target price of 26 yuan for 6 months. Risk warning: Business cooperation with ByteDance has progressed less than expected; bank IT industry spending has declined; and increased industry competition has led to a decrease in gross margin.