Key investment points: Maintain the “increase in holdings” rating and upgrade the target price to 29.4 yuan. Orwell announced the 1.5 billion acquisition of Shanghai Snow Carp to enter the field of mobile travel operating platforms. The chairman's large participation (52%) in a three-year fixed increase shows confidence in the company's future development. We estimate that the company's 2015-2017 EPS was 0.19/0.23 (+5%) /0.27 (+8%) yuan (+8%), respectively (if the merger of snow carp is completed, the EPS preparation for the 2015-2017 exam is 0.33/0.42/0.52 yuan). Referring to the valuation level of the Internet Premium industry with an average market value of 9.9 billion dollars (Yitong Century 7.1 billion, Bangxun Technology 6.8 billion, Century Dingli 88.7 billion, Guomai Technology 13.1 billion, and Yiyang Xintong 13.6 billion), given the special status of the snow carp industry and its high potential for performance growth, it was given a certain valuation premium, or 10.5 billion yuan, and the target price was upgraded to 29.4 yuan (+158%), maintaining the “increased holding” rating. Wholly-owned acquisition of Snow Carp to transform mobile connectivity. Aowei Communications's traditional business is network optimization. The snow carp acquired this time is the leading mobile game channel access platform in China. Its value lies in: 1) Snow Carp is not a mobile game manufacturer; it is more a channel access platform, providing multiple channel SDK access services for CP. Currently, all major mobile game CPs connect to SDKs themselves, but for more small and medium-sized CPs, the cost of connecting channels is high. Snow Carp provides a one-stop service for this group of customers. Currently, there are 937 active CPs on the Easy Connect platform under Snow Carp, and 112 docking and distribution channels, covering 91, 360, UC, 37, play, and dang, etc. 2) Build a mobile app ecosystem based on user flow. SDK mainly involves mobile game account systems and payments. When there are more and more mobile game developers connecting to online channels through an easy access platform, the user traffic accumulated on this platform will rise significantly. Many developers, easy access, and channel providers will form a mobile application ecosystem on this platform, and new business models such as mobile marketing can be derived based on this. Catalysts: The company's further expansion in the mobile Internet field; Risk warning: The integration of acquisition targets is not progressing well; the Internet premium market is shrinking further.