Incident: Dongfangtong announced its forecast for the first quarter to turn a loss into a profit, with an estimated profit of 2 to 5 million yuan, and a loss of 5.89 million yuan in the same period last year. Profit in the first quarter was achieved for the first time, and synergy effects began to show. The company expects revenue to rise 12% year on year in the first quarter. At the same time, cost control is reasonable, efficiency has improved markedly, and net profit has increased significantly. The company's middleware business has experienced organizational restructuring for 15 years. The government big data business is in the early stages of investment, and overall performance has not been released. After a one-year run-in period, we believe that organizational restructuring is basically in place, and the synergy effects of mergers and acquisitions are expected to begin to show, and operating expenses in the first quarter have declined markedly or clearly evidenced. At the same time, demand for Internet government affairs and big data is gradually emerging, which is conducive to the steady growth of middleware and big data businesses. The strategic transformation raised expectations for epitaxial mergers and acquisitions, and led to a high increase in performance. The company is committed to transforming from traditional middleware to a software-based platform and mobile internet solution provider. The merger and acquisition of Huijielang, WeChat, Unity of Mind, and Digital Paradise expanded its business scope to include virtualization, mobile informatization solutions, network optimization, and mobile middleware. We believe that the company layout has not been completed, and there are strong expectations for further extensions in the future. The company's management has an international perspective, and recent mergers and acquisitions have fully demonstrated its strategic execution. The management team has strong execution, and the platform-based company helps mergers and acquisitions integration: the company's general manager has senior experience in top international middleware companies and has a broad perspective. Recent developments in mergers and acquisitions fully reflect the management team's ability to execute strategies. It is expected that the company will operate in a platform-based manner, provide full autonomous operation rights for mergers and acquisitions, and achieve full collaboration. Maintain highly recommended -A. Considering the 16-year merger of the WeChat industry, the middleware business is stable, and we raised our profit forecast for 16-17. Net profit for 16/17 is expected to be 157 million/191 million, respectively, up 117%/22% year-on-year, respectively. Not considering additional extensions. Assuming an increase in share capital of 22.76 million, EPS is expected to be 1.14/1.39 yuan in 16/17, which corresponds to PE66/54 times, and is highly recommended. Risk Warning: Uncertainty about epitaxial integration.