Mobile Internet is the lifeblood of multimedia. Netcom Software mainly provides mobile Internet and business intelligence software products and services for telecom operators, radio and television media, and financial insurance customers. The OMS and WRP systems developed independently by the company provide customized development and operation services for mobile Internet software for telecom operators and traditional media companies; the company also provides business intelligence software and services for customers in the fields of finance and telecommunications. “Product+customer” builds core competitiveness. In the mobile Internet multimedia market, the company has formed a core competitiveness with its two products, OMS and WRP, and already has a relatively stable position in the video software segment. The company's OMS system now successfully supports Migu Video's core operating platform, Surge News Operation Platform, and Video China's main website management platform. The company's past clients have all been well-known enterprises, mainly including the three major communication operators, and well-known media companies such as CCTV, CCTV, and Baishitong. The company's core product “OMS+WRP” has strong customer stickiness. Business intelligence solutions provider. The company's business intelligence solutions mainly include two categories: business intelligence systems and system operation and maintenance services. The company cooperates with China Pacific Insurance in the insurance industry. The company has accumulated excellent customers from the business of mobile video operators, and the good cooperative relationship has enabled the business intelligence business to expand into the telecommunications sector. Enter the A-share market and start a new journey. The company raised a net capital of 378 million yuan this time, mainly investing in “integrated media operation platform project”, “cloud operation management system upgrade construction project”, “cloud development platform upgrade construction project”, “business intelligence system upgrade construction project”, “mobile video communication system construction project” and working capital supplement. The five fund-raising and construction projects this time all have a foundation for existing products. Four of these projects are upgrades, optimizations, or improvements to existing products to help the company achieve product cloudification, and at the same time strengthen cooperative relationships between the company and existing customers to promote new products and develop a customer base. Profit forecasting and valuation. We forecast that the company will achieve operating income of 260 million, 306 million, and 368 million yuan, net profit of 9.07 million, 109 million yuan, and 132 million yuan, EPS of 0.41 yuan, 0.50 yuan, and 0.60 yuan respectively in 2016-2018. The corresponding 2016-2018 PE is 110.14X, 90.65X, and 75.19X. We believe that with its core technology and market advantages established in the downstream core customer base, the company should enjoy a valuation higher than the industry average, and that the company's reasonable market value range in 17 years should be 12 to 15 billion dollars, giving it a buying rating.