The company's 2019 Q4 performance accelerated growth driven by fintech, confirming the judgment that the technology development of large and medium-sized banks in China has entered a new business demand cycle. Although Q1 2020 was greatly affected by the pandemic, accounting accounts such as inventory reflect the abundance of orders in the hands of Gaowedia. The impact of the epidemic was relatively short-term, and continued to be highly recommended. Events: The company released its 2019 report and 2020 quarterly report, achieving full-year revenue of 1,758 million yuan, an increase of 10.45% over the previous year; net profit of 134 million yuan, an increase of 27.93% over the previous year; net profit after deducting 124 million yuan, an increase of 105.78% over the previous year. 20Q1 achieved revenue of 216 million yuan, a year-on-year decline of 31.75%; net profit loss of 5.13 million yuan was deducted, mainly due to the impact of the epidemic on operating rates and delays in customer acceptance processes. At the same time, the company plans to raise no more than 450 million yuan for the construction of distributed architecture intelligent financial solutions. Demand for fintech is recovering strongly, and the pandemic has only affected the implementation and delivery of short-term projects. The company achieved deducted non-net profit of 70 million yuan in the 19Q4 quarter, an increase of 92.28% over the previous year, exceeding the level of rapid performance reports. On the one hand, the scale of the company's fintech business has increased rapidly; on the other hand, the proportion of software businesses with high gross margins has increased. Although the 20Q1 implementation, delivery and customer acceptance processes of Gavida have been greatly affected by the pandemic, it should be noted that the company's inventory under the new revenue standard increased by 213.85% compared to the end of the previous year. These system integrated procurement equipment and software businesses are all subject to customer acceptance, reflecting the abundance of orders that Gavida has in hand. At the same time, at present, bank clients' technology investment plans for the next 2-3 years have not greatly fluctuated due to the epidemic. As the resumption of work and production progresses comprehensively, the company's subsequent active catch-up will effectively reduce the impact of the epidemic throughout the year. An inflection point in the new banking IT cycle has been established, and the company's competitive advantage is gradually being strengthened. The company's annual report has confirmed that the technology development of the largest banks in China has ushered in a new business cycle where demand is rapidly expanding. Combined with various external environmental factors, the upward trend in this cycle is likely to be more sustainable. Gaowedia has a leading competitive advantage in new credit business systems, core business systems (especially data migration platforms), customer information management systems, and data support solutions. In addition to the accumulation of high-quality customer resources over the years in the bank IT market, and as CCB's fintech exporter, Jianxin Financial Technology has established an important cooperative relationship with the company, driving the company's banking IT business to accelerate. Maintaining the “Highly Recommended - A” rating: In 2020, the IT construction boom cycle for large and medium banks in China began, and the company's business is expected to continue to accelerate development without considering the impact of additional issuance. The company's EPS is expected to be 0.43/0.64/0.87 yuan in 20-22, maintaining the “Highly Recommended - A” rating. Risk warning: There is a risk that brain drain will not keep up with technology trends; core customer needs will fall short of expectations.