Investment points Overall solution provider for mobile information applications: The company focuses on the field of mobile information services and mainly cooperates with telecom operators to provide industry mobile information services and personal mobile information services. The company's operating income from 2011 to 13 was 145 million, 221 million and 197 million, and net profit was 54 million, 65 million and 46 million yuan. The gross margin was 70%, 57%, and 51%, respectively, and the net profit margin was 37%, 30%, and 23%, respectively. The decline in profit margin was related to the increase in the share of low-margin businesses in the company's main business. Among the main business, mobile information services for individuals are mainly mobile phone securities services; while industry-oriented mobile information services include: MAS business: It is an industry mobile information service provided by China Mobile to large group customers. The company is one of the two main operating support units for China Mobile's MAS business. In 2013, the industry's short MMS business volume was nearly 7 billion, and the total number of service group customers exceeded 300. ICT integrated service platform business: This business is a comprehensive service platform for mobile information applications provided on the basis of MAS business, which allows group customers to manage and use MAS services in a “one-stop” manner. Mobile financial products business: Mainly used in the mobile exhibition industry in the insurance field, it also includes the WeChat access service platform business in the securities and funds sector. Fund-raising projects: The company plans to publicly raise 170 million yuan in capital to invest in next-generation industry mobile information service platform projects, personal mobile financial information service platform projects, marketing network system construction projects, and R&D center construction projects. Successful implementation of the project will further enhance the company's profitability. Investment advice: We expect the compound growth rate of the company's revenue and net profit in the next two years to be 20%. Based on the fully diluted share capital after issuance, the company's earnings per share from 2014 to 2015 were 0.68 yuan and 0.82 yuan respectively. Considering the company's profit growth rate and industry characteristics, we gave the company a valuation of 35 to 40 times in 2014, so the reasonable stock price in the secondary market was 23.89 to 27.20 yuan. At the same time, the recommended inquiry price is 11.19 yuan. Risk warning: Traditional mobile information services are facing the impact of the mobile Internet.