Summary of the announcement: (1) The company released a performance forecast for the third quarter of 2015. It expects net profit for the first three quarters to be 112-120 million yuan, up 274%-300% year on year, of which net profit for Q3 is 5650-61 million yuan, up 235%-262% year on year. (2) The subsidiary Broadwing Communications has obtained two patent certificates issued by the State Intellectual Property Office: a USB-powered 4G router and a portable 3.5G router. The performance is in line with expectations, and the extended development is worthy of recognition. Focusing on the “communication manufacturing+information service” strategy, the company achieved three acquisitions in three years, greatly increasing business scale and profitability. The acquisition of Shanghai Broadwing was completed in August 2013 and consolidated throughout 2014. Its communication terminal products evolved from 3G to 4G data cards, routers, etc., and gradually expanded overseas market business. The acquisition of Guodu Internet was completed in September 2014. Basically, the merger began in October, and everything was included in the scope of the merger from January to September 2015. The acquisition of Mutual Advertising was completed in June 2015, and consolidated statements began in July. The merger of acquisitions led to a significant increase in the company's net profit in the first three quarters compared to the same period last year. Judging from the business spin-off, we expect the traditional plus broad wing to be 20 to 30 million, the capital of the country to 60 to 70 million, and mutual Q3 to 20 to 30 million. The performance is in line with expectations. “Digital marketing+corporate SMS” have made concerted efforts, and growth has been outstanding. Guodu has outstanding competitiveness in the short MMS business and operating services of enterprises. Revenue and profit growth have exceeded market expectations, and are leading the way in laying out traffic backward operations, the next blue ocean market. The growth rate of 15H1's corporate SMS business has reached 50%, and is expected to maintain a compound growth rate of 30% over the next three years. SSP, which entered the digital marketing industry chain earlier, has both scarcity and profitability, and is compatible with an Internet advertising market space exceeding 100 billion dollars. In 2015, H1's revenue increased by about 150% year over year, and profit growth is expected to increase by 300%. As media resources continue to expand and mobile platforms are deployed, the company is expected to continue to maintain high growth. The two businesses are currently the main driving forces of the company, and the synergy effect through resource integration will also become more obvious. It is proposed to expand the layout of smart courier cabinets, and extend the information service strategy to community O2O. The company plans to increase 1.17 billion yuan in smart courier cabinet projects to solve the “last mile” of express delivery to users while seizing the community's O2O entrance. On this basis, the value of Internet information services is huge. The company expects average annual revenue of 1.34 billion yuan and net profit of 198 million yuan during the project operation period, which is expected to increase new profit growth points. Investment advice: Wu Tong Communications has achieved leapfrog development through mergers and acquisitions strategies, and is optimistic about the company's development potential in the field of Internet information services. Without considering the smart courier cabinet project yet, we expect the company's 2015-2016 EPS to be 0.79 yuan (annual exam preparation) and 1.11 yuan respectively, maintaining the buy-B rating, with a target price of 44.20 yuan. Risk Warning: Subsidiary performance falls short of expectations; risk of fixed growth projects falling short of expectations