Investment points: maintain the “increase in holdings” rating and maintain the target price of 42 yuan. The comprehensive cooperation between Aowei and military academies will strengthen the company's R&D capabilities in the field of military communications, and lay a solid foundation for the production and promotion of future military communication products through the use of partners' resources and experience in the military field. Maintain the 2015-2017 EPS of 0.19/0.23/0.27 yuan (if the merger of snow carps is completed, the EPS for preparing for the exam is 0.33/0.42/0.52 yuan), maintain the target price of 42 yuan and the “increase in holdings” rating. In line with the trend of national defense informatization, we will make every effort to develop military communications services. Ovi announced that a “strategic cooperation framework agreement” was signed with a military academy. Based on the principle of “complementary advantages, mutual benefit, and common development,” the two sides have reached cooperation intentions on actively carrying out cooperation in scientific research projects, actively developing production and promotion of cooperative products, and actively supporting production and training of scientific research cadres, and will develop comprehensive cooperation. We believe that the publication of the “National Defense White Paper” indicates that defense informatization will become an important outlet for the communications industry in the next few years, and that military communication systems will play an important role in future battlefields. As a scarce telecommunications high-tech enterprise in the three northeast provinces, Aowei Communications has three military qualifications (secrecy, weapons and equipment production, and scientific research permits), and will receive strong support from the local authorities. The current cooperation between military academies with official backgrounds is proof of this. Betting on three major future trends, various businesses are developing rapidly. The company has entered the mobile Internet game platform business through the acquisition of top game access platform provider Xueiyu. By providing services such as application publishing and agent payments to CP, the company has accumulated massive user data, laying a solid foundation for future game distribution and precision marketing business. Through a strong alliance with the Shenyang Institute of Automation of the Chinese Academy of Sciences, its subsidiary, Zhongke Aowei, has deeply cultivated the petroleum and petrochemical industry communication market and laid out the industrial Internet. Coupled with this strengthening of military business, the company is fully betting on the development direction of the communications industry over the next few years. Catalysts: Cooperate with military academies to carry out military projects; increase mobile Internet and industrial communications. Risk warning: Cooperation projects are still in the research and development stage; competition in the main business, network optimization market, has further intensified.