The incident company released its 2019 quarterly report. During the reporting period, the company achieved operating income of 1,005 billion yuan, an increase of 101.92% over the previous year, and net profit of 12.864 million yuan, an increase of 151.14% over the previous year. Our comments are as follows: the company continues to invest in the fields of big data, cloud computing, AI, 5G, etc., the business has been implemented smoothly, and various business lines such as telecommunications, public security, and finance continue to grow rapidly. The company is an established telecom operator support system manufacturer and continues to invest in cloud computing/big data fields. Currently, the company's cloud computing products are being used by operators, the government, and the financial industry, becoming the first batch of Alibaba Cloud “platinum partners”, with outstanding technical strength. The company's big data products have become the only central platform at the national level in China Telecom Group, and artificial intelligence has been applied in the fields of financial anti-fraud and anti-money laundering. During the reporting period, the company's telecommunications, public security, and finance business lines all achieved rapid growth, driving rapid growth in overall revenue. The revenue contribution of the new business continues to show, the expense ratio has been further reduced, and cash flow has improved markedly. The company's overall profitability is expected to continue to increase. In the first quarter of 2019, the company's sales expense ratio was 3.32%, down 2.9 percentage points year on year, management and R&D expenses ratio was 9.06%, down 6.78 percentage points year on year, and financial expenses ratio was 1.57%, down 0.32 percentage points year on year. With the rapid implementation of the company's new business and products, rapid revenue growth continues to dilute the expense ratio. The company's net cash flow from operating activities in the first quarter was 127 million yuan, up 1681% year on year. Cash flow improved markedly. The company completed repayment of corporate bonds and bank loans, further optimized debt structure, and overall profitability is expected to continue to increase. Looking forward to the future, the company will usher in new opportunities for 5G, and the telecom business is expected to enter a fast track of growth. Financial, government, enterprise, public security and other projects continue to be implemented to promote the long-term growth of the company's overall performance. In the 5G era, the company's traditional telecom support system ushered in new opportunities for upgrading and expanding capacity. The traditional BSS system brings the demand for new software support systems to 5G business+5G new technology+the implementation of telecom big data applications, which is expected to push the company's telecom business into a fast track of growth. The company is in finance. Revenue from government, public security and other sectors continues to grow rapidly, and the implementation of projects has formed a significant benchmarking effect. It is expected to help new projects continue to be implemented and drive sector revenue to continue to grow rapidly. Investment recommendations and profit forecasts: Telecommunication+government+finance layout is perfect, financial business integration is smooth, and synergies are highlighted. In the 5G era, the company's main telecom business is expected to enter a period of accelerated growth, and the gradual implementation of public security orders is expected to further enhance the company's performance. All business lines are progressing hand in hand, and the company's revenue and profit are expected to continue to grow rapidly. The company's net profit for 19-21 is estimated to be 286, 3.73, and 477 million yuan respectively, corresponding to a price-earnings ratio of 23 times in '19, and reaffirming the “buy” rating. Risk warning: order execution progress is low expectations, and operators' capital expenditure expectations are low