Focus on bank credit risk IT. The company's business is to provide banks with integrated solutions for credit asset management and risk management. The products include credit management systems, risk management systems, data warehouses, business intelligence systems, etc., as well as technical service services. In 2009-2012, the average annual growth rate of the company's revenue was around 34%, and the average annual growth rate of net profit was nearly 39%. Among them, revenue from two types of products and services, credit management systems and risk management systems, accounted for about 90% of revenue. Downstream demand is growing at a steady rate. According to IDC statistics, the market size of IT solutions for the Chinese banking industry in 2012 was 12.17 billion yuan, an increase of 20.7% over the previous year. The market size of IT solutions in the Chinese banking industry is expected to grow to 32.44 billion yuan by 2017, with an average annual growth rate of 21.7% between 2013-2017. Gradually improve the regional layout and dig deeper into customer needs. The company's customers cover more than 20 provinces, autonomous regions directly under the Central Government, and 78 prefecture-level cities in China, mainly urban commercial banks and joint stock commercial banks, which accounted for 83.2% of revenue in 2012. Currently, the company is developing new customers such as urban news agencies, agricultural credit cooperatives, and agricultural commercial banks. Fund-raising projects enhance the company's overall competitiveness. The company's capital raised is mainly invested in next-generation credit management system projects and risk management system projects, as well as the construction of R&D centers and service platforms. With the advancement of mixed operations of financial institutions, banks' investment in IT system construction is clearly on the rise, and the company will explore customer needs in depth through rich product lines and service capabilities. The company predicts that the fund-raising project will contribute 58 million yuan in annual profit after delivery. If the subsequent increase in equity capital is not taken into account, the contribution to EPS will be 0.84 yuan. Investment advice. The company's net profit is expected to increase by 4.84%, 11.19%, and 12.77% respectively from 2013 to 2015. We selected comparable companies in the computer sector and used their price-earnings ratio level in 2014 as a reference. We believe that the company's reasonable valuation range is 20-25 times, corresponding to the reasonable price range of 15.2-19 yuan. Risk warning: Bank IT investment falls short of expectations; rising labor costs; loss of core technical staff; increased market competition.