The company successfully transformed the field of information transmission. Zhongjia Bochuang is a holding enterprise. Its main business is intelligent transmission of information, communication network maintenance, and financial service outsourcing. The business operators are wholly-owned subsidiaries Mandao Technology, Changshi Communications, and Jiahua Information. These three companies are all in the information industry after the company has gradually divested commercial real estate and acquired in recent years. The earliest Mandao Technology was a comprehensive information service platform operator for intelligent transmission of mobile information. It mainly engages in intelligent transmission of information. Other businesses involved mobile Internet software development, application services, and traffic management. Mandao Technology has obvious competitive advantages in the industry, including an experienced, efficient and stable talent structure, the technical advantages of an independent core processing platform, a widely distributed and high-quality customer structure, a business scale that has entered a virtuous cycle, brand influence established by long-term market-based management, and comprehensive value-added customer services. The merger and acquisition of Changshi and Jiahua's vertical and horizontal expansion company's information transmission industry company The merger of Changshi Communications is based on deepening and expanding the fields of cooperation with operators, complementing the company's shortcomings in hardware and entry points, so that it can fully cover the downstream industry chain of operators from equipment operation and maintenance to value-added telecommunications. Moreover, relying on the three major operators, Changshi Communications's operation and maintenance business can also bring stable revenue and profit to the company. With the rise of edge computing technology, the sinking of communication services to the base station side has become a trend. A new generation of network architectures and operating models will surely follow the gradual advancement of 5G network construction. Therefore, the company is expected to use Changshi Communications to break through conventional network operation and maintenance services, quickly enter new businesses based on edge technology, and enhance the company's competitiveness within the industry. What Jiahua Information has brought to the company has not only strengthened the company's information intelligent transmission business, but on the basis of maintaining Internet customers, it has further focused on customers in the financial sector, and developed a new financial service business through in-depth collaboration with bank customers, thus laying the foundation for the company's high growth in future performance. Profit and forecast, considering that the communications industry has broken out of a trough, operators' capital expenses are expected to grow, and demand for information transmission and promotion from various banks is strong. In this good context of the communications industry, the company's three areas of business are increasing in an orderly manner, and the overall business is growing steadily. In particular, the financial services industry is expected to bring new growth points to the company. We expect the company's main revenue in 19-20 to be 39.35/4.801 billion yuan, and the corresponding EPS is 0.54/0.72 yuan, respectively, giving the company a “increase in holdings” rating. Risk warning: Network maintenance orders fell short of expectations, and corporate SMS and financial services customer growth fell short of expectations.