Key investment points The company's business has returned to normal levels: According to the October operating data released by the company, the number of flexible workers employed by the company increased from 31,717 on September 30, 2020 to 3,2722 on October 31, 2020, an increase of 32.9% over the previous year, a net increase of 1005 people, an increase of 3.2% over the previous year. Since June 2020, the number of flexible workers employed by the company has achieved a net increase of more than 1,000 in a single month for 5 consecutive months. Currently, the contract renewal rate for old customers has reached 100%. The business revenue of new customers will contribute more to next year, because more of the new customers will come from the expansion in the second half of the year, and the new customer industries include high-growth industries such as new energy vehicles, community e-commerce, medical services, and online education. We expect the number of flexible workers in the company to reach 34,000 by the end of the year and 42,000 in 2020. A strategic cooperation agreement was reached with IT training institutions to improve recruitment costs and operation and maintenance efficiency: The company signed an investment agreement with Tianjin Binhai Xunteng Technology Group Co., Ltd. in October. The company will invest 20 million yuan in Xunteng Group and will hold 15% of Xunteng Group's shares after completion. The two sides also reached an independent strategic cooperation agreement to create a flexible talent supply chain for workers by deepening the new “integration of industry and education” model. The company's strategic cooperation allows the company to strengthen talent recruitment and project delivery capabilities. First, the subject of the merger and acquisition's own training is highly relevant to the company's business, so it can provide the company with a stable source of well-trained business process outsourcing employees and flexible employment employees, providing a good service experience for renrui talent customers. Xunteng's future student internships and employment will be defrauded of talents to provide services and jobs. This partnership is conducive to the long-term development of the company and is a new model for the integration of obstetrics and education. Continue to be optimistic about the company's recovery and growth, and maintain the buying rating: since Renrui Talent is the largest flexible employment service provider in China, the company focuses on major customers in the new economy industry, and future performance will continue to grow faster than the industry. According to our forecast, the company's revenue will remain above 30% in the next two years, and profit growth will be slightly higher than revenue growth. Therefore, the target price corresponding to 2021 is 20 times PE, corresponding to the target price of HK$35.3, which is a 31% increase compared to the expected current price, maintaining the “buy” rating.