Serve small and micro businesses in the order of 100,000 and issue cards in the order of millions. The platform in Baoding plans to complete the goal of setting up about 30,000 smart terminals in Baoding within three years, serving 100000 small and micro businesses and dealing with 1.8 billion yuan of capital, and at the same time achieving the goal of issuing more than 2 million Baoding all-in-one cards and releasing smart phone "Baoding pass" clients to achieve the goal of facilitating, benefiting and serving the people.

Baoding is located in the core circle of Beijing, Tianjin and Hebei, and the cooperation agreement is of great strategic significance. Since the beginning of this year, the company has successively signed digital service platform cooperation agreements with Zunyi and Linfen municipal governments. This signing of Baoding cooperation agreement is the third city won by the company. As the core hinterland of Beijing-Tianjin-Hebei region, Baoding has incomparable geographical advantages compared with other regions. In the future, the company can successfully lay the foundation and accumulate experience in building a smart city in Baoding, replicate and promote to the surrounding cities, and radiate to the whole Beijing-Tianjin-Hebei region, so that the company can gain new regional advantages.

Be optimistic about the company's Internet financial model which is beneficial to Sifang. The company serves more than 80% of small and micro businesses that cannot be covered by big banks. In addition to being unable to withdraw money, the future function of Urban all-in-one Card will completely replace cash and become a safe and reliable physical "currency". On this basis, the company can also engraft merchants, engage in small loans, and develop a series of financial services in the future, such as commercial loans, small loans and so on. Obtain the data assets of small and micro merchants through payment, provide credit inquiry means for small and micro loan services for individuals and small and micro enterprises in the future, and achieve accurate marketing at the same time. We are optimistic about the company's Internet financial model, which is beneficial to the Sifang.

Profit forecast and investment value: the company's 14-and 15-year EPS is expected to be 0.20,0.31, and the corresponding stock price PE is 69X, 45X, maintaining the "overweight" rating.