Report Summary: China's communication network management services are in a period of growth. Third-party communication network management service enterprise space is large. 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 size of the communication network management service market will expand accordingly. According to data from China Information Industry Network, China's communication network management service market reached 62.30 billion yuan in 2013, and the market size is expected to reach 93.110 billion yuan by 2015. At the same time, since China's telecommunications industry has always been in a relatively monopoly position, with the continuous deepening of China's communication system reform, the degree of marketization of the telecommunications 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 companies. A leading communication network management service enterprise in China, deeply involved in Fujian to accelerate the expansion of domestic and overseas markets, was founded in 2001. Since its establishment, the company has mainly been engaged in communication network services, mainly including communication network maintenance services and communication network optimization services, of which communication network maintenance business accounts for more than 90%. The company's main customers include major telecom operators and communication equipment suppliers, as well as radio and television operators, military and municipal departments. Since its establishment, the company has taken the lead in developing communication network management services 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 the 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 Thailand, Fortis Philippines, Fortis Malaysia, and Fortis Myanmar have been established overseas, continuously expanding domestic and overseas markets to accelerate the company's development. In the future, the company will continue to expand its market and technological innovation, and strive to become an excellent communication network management service enterprise. Raising capital to achieve the strategic layout of the national market, establish an R&D center to enhance the company's technological innovation advantage, and the net capital raised in 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 national market layout: it is proposed to invest 133 million yuan, including the construction of a headquarters base and marketing service network, which also includes the construction of a service network management center, training and display center, and technical support center; the marketing service network includes expanded or 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 405.978 million yuan. The purpose of implementing the project is to establish a complete product and technology research and development system, further enhance the enterprise's independent innovation capabilities, and promote the company's sustainable development. Profit forecasting and rating companies' network maintenance and network optimization are progressing steadily domestically, overseas markets are developing at an accelerated pace, and there are expectations for future extended mergers and acquisitions. EPS is expected to be 0.59, 0.72, and 0.92 yuan in 2016-2018, 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. The company is expanding from regional to national and overseas. Given the company's expectations of extended 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 communication network management services are fiercely competitive; domestic and overseas market expansion is blocked; and capital investment is progressing less than expected.