Investment highlights: The three-quarter report turned a year-on-year loss into a profit. The company released the third quarter results announcement on the evening of October 27, stating that the operating income for the first three quarters was 265 million yuan, an increase of 86.74% over the same period last year; net profit attributable to the parent company was 469.21,000 yuan, a loss of 1,292,900 yuan for the same period last year; of these, the company's net profit for the third quarter was 24.3293 million yuan, an increase of 14.68 times over the same period last year; earnings per share for the first three quarters were 0.18 yuan. At the same time, the company expects net profit in 2016 to reach 720 million to 80 million yuan. The value-added telecom business grew significantly. The industrial park brought new growth points. Since the 3rd quarter, the company has continued to deepen transformation and upgrading. Various business lines have achieved overall growth compared to last year, especially in terms of net profit, showing an accelerated growth trend. This is mainly due to revenue growth in operator business and mobile game business, while related operating costs have been drastically reduced. The gross margin of these two businesses has increased markedly. Furthermore, with the development of the WIFI market, the company's WIFI resale and traffic value-added services business also maintained a relatively rapid growth rate, and revenue increased significantly over the same period last year. In terms of expenses, the company's financial expenses were also drastically reduced during the same period, mainly because the company adopted flexible deposit methods and appropriately increased interest income. It is worth mentioning that the Beiwei Communications Mobile Internet Industrial Park project, which the company has been laying out for the previous 4 years, was completed and registered at the end of 2015 and officially put into use. At present, the investment promotion work at the Northern Latitude International Center is progressing smoothly, with a occupancy rate of over 60%. It is expected that the target of the 70%-90% occupancy plan will be achieved this year. As the occupancy rate increases and revenue grows steadily, this will become a stable source of revenue for the company. The majority shareholders actively increased their holdings by the actual controllers of the company's stock companies in the secondary market through targeted asset management plans in the early stages. The cost was 18.63 yuan/share, accounting for 2.19% of the total share capital, and the shareholding ratio also increased from 19% to 21%. Through measures to increase the majority shareholders' holdings, it can be seen that the majority shareholders have strong confidence in the company's future development prospects. Profit and forecast are based on the rapid growth of the company's main value-added telecom business and the introduction of stable cash flow and profit in the Internet Industrial Park. The company's EPS is estimated to be 0.31/0.42/0.59 yuan in 16-18. Give it an “Overweight” rating. Risk warning: The profit margin of telecom value-added business has declined.