The telecommunications and power industry software core supplier 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 industry. It is a software product with independent intellectual property rights. The operation support system developed for the telecom industry 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 power industry's smart grid informatization construction. The country mainly promotes government big data, and companies benefit from many aspects. 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 in 2025, total information consumption will reach 12 trillion yuan. In September, the State Council intensively issued the “Interim Measures on Administration of Shared Administration of Government Information Resources”, calling for speeding up the process of government big data. As policies are catalyzed and data resources are gradually opened and shared, 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. Raising capital to build a deep software integration platform 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 projects, enterprise-level information integration platform construction projects, etc. After completion of the project, the level of informatization of various service clients can be greatly strengthened, and the company's profitability further increased. The deep integration platform is the first step in the company's big data commercial market, and future profit models are more diverse. Valuation and investment advice: The software business in the company industry is developing rapidly, and entry barriers are high. Based on the company's operating conditions, we estimate that the operating income for 2016-2018 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 million yuan, respectively. Main risk factors: The company's sales customers are concentrated, competition among software suppliers in the telecommunications and power industries has intensified, and major disadvantages in industry demand have caused overall earnings to fall short of expectations.