Events: According to preliminary accounting, in 2017, the company achieved operating income of 990 million yuan, an increase of 34.53% over the same period last year; operating profit of 171 million yuan, an increase of 65.93% over the same period last year; total profit of 197 million yuan, an increase of 49.19% over the same period last year; net profit attributable to shareholders of listed companies of 175 million yuan, an increase of 45.57% over the same period last year; basic earnings per share of 0.33 yuan, an increase of 37.50% over the same period last year. Total assets at the end of the reporting period were $3.76 billion, up 51.53% from the beginning of the period; owners' equity and net assets per share attributable to shareholders of listed companies increased by 40.84% and 25.35% respectively from the beginning of the reporting period; the company's total share capital at the end of the reporting period was 560,861,718 shares, up 12.42% from the beginning of the period. Event evaluation: 1) IoT industry acceleration+operator construction, ICT business developed steadily in 2017, benefiting from the increased construction of telecommunications and Unicom in CA and VOLTE, and the company's instrumentation demand was strong; in addition, the IoT industry has entered an accelerated explosion period. In response to the demand for NB-IOT from the three major operators, the test equipment developed by the company can already be supplied on a large scale; in terms of big data business, public security system projects have completed platform deployment in many provinces, and the number of contracts signed is gradually increasing. 2) The construction of Dingli College is steady, and the vocational education business is expected to continue to increase. Currently, the company is steadily advancing the construction of Dingli College. Cooperation with various potential institutions is still in the process of being actively promoted, and many projects have entered the final stage of signing contracts. We expect the size of Dingli College to grow from 10 to more than 20 in 2017. Furthermore, career development is still the company's development focus in 2018. We predict that the enrollment rate will continue to rise in 2018, and the company's on-the-job education business will grow steadily. 3) The merger and acquisition of Meidu and Yixin Intelligence further expanded the company's industrial chain. During the reporting period, the company acquired Yixin Intelligence and Shanghai Meidu Management Consulting Company, which had a positive impact on the company's overall performance. The IoT industry has entered a period of accelerated explosion, and it is expected that a core of intelligence will continue to benefit from the explosion of the Internet of Things. The merger and acquisition of Meidu has brought about the expansion of the vocational education business model, and the company's education industry chain is expected to expand further. Risk warning: The gross profit of traditional network optimization business continues to decline; the development of IoT and education business falls short of expectations