Core supplier of software for the telecommunications and power industries. The company focuses on the development and production of platform software and industry application software, and is a core supplier of software for the telecommunications and power industries. It is a software product with independent intellectual property rights. The operation support system developed for telecom industry operators is the core production support system for telecom industry operators. It has now been successfully applied to China Telecom headquarters, China Unicom headquarters, more than 20 provincial branches, and China Mobile, and has become the leader of China Telecom and China Unicom's OSS standards; the power enterprise management and control software developed by the company for the power industry is an important part of the smart grid informatization construction in the power industry. The country mainly promotes government big data, and the company benefits in many ways. In July of this year, the State Council issued the “Outline of the National Information Technology Development Strategy”, which clearly states that China will build a unified and open portal for national government data by 2018. It is estimated that by 2020, China's total target information consumption will reach 6 trillion yuan, and by 2025, total information consumption will reach 12 trillion yuan. In September, the State Council intensively issued the “Interim Measures on the Administration of Government Information Resource Sharing”, which calls for speeding up the government big data process. With policy catalysis and the gradual opening and sharing of data resources, the source of data acquisition is no longer a problem. The big data industry chain in various sub-industries such as smart cities, government affairs, public services, electronic energy, medical transportation, etc. is expected to explode. HKUST Guochuang will benefit from data collection, data storage, data processing, and data analysis in related industries. Raise funds to build a platform for deep software integration. The company raised 254.134 million yuan to build a next-generation telecom operation support system construction project (NGOSS), power enterprise integrated management and control software construction project, enterprise-level information integration platform construction project, etc. After the project is completed, the level of informatization of various service clients can be greatly strengthened, and the company's profitability is further improved. The deep integration platform is the first step in the company's big data commercial market, and future profit models will be more diverse. Valuation and investment suggestions: The software business in the company's industry is developing rapidly, and entry barriers are high. Based on the company's operating conditions, we estimate that the revenue for 2016 to 2018 was 430 million yuan, 526 million yuan, and 668 million yuan, respectively, and net profit was 51 million yuan, 63 million yuan, and 74 million yuan respectively, corresponding to EPS of 0.55, 0.69, and 0.80, respectively. Main risk factors: The company's sales customers are concentrated, competition among software suppliers in the telecommunications and power industries is intensifying, and the overall profit falls short of expectations due to significant adverse industry demand.