Report summary: China's communication network management services are in a period of growth, and there is a large enterprise space for third-party communication network management services. From a global perspective, the communication network technology service market is gradually maturing, especially in developed countries such as Europe and the United States. Due to the late start of communication network technology services in China, the industry is still in a period of growth. With the construction and deployment of 2G networks, 3G networks, and 4G networks after commercialization, the market size of communication network management services will expand accordingly. According to data from China Information Industry Network, China's communication network management service market reached 62.3 billion yuan in 2013, and is expected to reach 93.11 billion yuan by 2015. At the same time, since China's telecommunications industry has always been in a relatively monopolistic position, and with the continuous deepening of China's communications system reform, the degree of marketization of the telecommunication industry continues to increase, and third-party communication network management service enterprises have achieved rapid development. As the scale of communication networks continues to expand, in order to ensure the stability of communication networks and control the operating costs of communication networks, telecom operators are gradually outsourcing communication network management services to professional third-party communication network management service enterprises. China's leading communication network management service enterprise, deeply involved in Fujian to accelerate the expansion of domestic and foreign markets, was founded in 2001. Since its establishment, the company has mainly engaged in communication network services, mainly including communication network maintenance business and communication network optimization services, of which communication network maintenance business accounts for more than 90% of the share. The company's main customers include major telecom operators and communication equipment suppliers, as well as radio and television operators, military forces, and municipal departments. Since its establishment, the company has taken the lead in developing communication network management service business in Fujian Province. In 2013-2015, the company's main business revenue from Fujian Province accounted for 68.87%, 61.27%, and 55.43% of main business revenue, respectively. In recent years, the company's business area has gradually expanded from Fujian to more than 10 provinces and cities, including Shandong, Guangdong, Anhui, Jiangxi, Jilin, Heilongjiang, and Jiangsu. Fortis in Thailand, Fortis Philippines, Fortis Malaysia, and Fortis Myanmar have been established overseas to continuously expand domestic and overseas markets to accelerate the company's development. In the future, the company will continue to expand markets and technological innovation, and strive to become an excellent communication network management service enterprise. The capital raised is expected to achieve the strategic layout of the national market, establish R&D centers and enhance the company's technological innovation advantages. The net capital raised by this offering is estimated to be 147 million yuan, mainly invested in communication network technology service platform construction projects and R&D center construction projects. (1) The communication network technology service platform construction project will achieve the strategic goals of the company's market layout throughout the country: it is proposed to invest 133 million yuan, including the construction of a headquarters base and a marketing service network. Among them, the construction of the headquarters base also includes the construction of service network management centers, training and display centers, and technical support centers; the marketing service network includes expanded or newly built marketing service outlets in Fujian, Shandong, Guangdong, etc. (2) The R&D center construction project will further enhance the company's technological research and development capabilities and enhance the company's technological innovation advantages: it is proposed to invest 45.5978 million yuan. The implementation of the project aims to establish a complete product and technology research and development system, further enhance the enterprise's ability to innovate independently, and promote the sustainable development of the company. Network maintenance and network optimization for profit forecasting and rating companies are progressing steadily domestically, overseas markets are developing at an accelerated pace, and future extended mergers and acquisitions are expected. The 2016-2018 EPS is expected to be 0.59, 0.72, and 0.92 yuan, and the corresponding PE is 98.62 times, 80.67 times, and 63.01 times. Since the company is a new stock, the valuation level is high, and the company is expanding from regions to the whole country and overseas. Given that the company has expectations of extending mergers and acquisitions, a certain valuation premium can be given 100-105 times PE. The reasonable price range for the next 12 months is 72-76 yuan. Risks suggest that competition for communication network management services is fierce; market expansion at home and abroad is blocked; and investment in raising capital is progressing less than expected.