Yiyang ICT Technology Co., Ltd. is a high-tech listed company, which was listed on China Shanghai Stock Exchange in July 2000 with the stock code of 600289. China National Development and Reform Commission, Ministry of Information Industry, Ministry of Commerce and State Taxation Administration of The People's Republic of China jointly recognized "key software enterprises within the national planning layout", and one of the first 9 1 innovative enterprises recognized by Ministry of Science and Technology, the State Council State-owned Assets Supervision and Administration Commission and All-China Federation of Trade Unions. Mainly engaged in telecom and broadcasting network management system, enterprise IT operation support system, information security, telecom and Internet value-added services, intelligent transportation, expressway electromechanical engineering, urban intelligent transportation, smart city and other aspects of industry application software development, solution provision and technical services. After more than ten years of independent innovation and technology accumulation, the company is in a leading position in the fields of telecom operation support system (OSS), security product and solution integration, value-added service platform, intelligent flow control and other products and solutions. At present, Yiyang ICT has 2,800 employees worldwide, established a marketing network and local technical service system covering 3/kloc-0 provinces in China, and set up branches in the United States, Germany, Central Asia, the Middle East and other countries and regions.

Industry rating investment advice:? The company's main business has grown steadily, and the results of new business expansion have begun to show, and the Internet of Things has been actively deployed. The company's traditional operators, such as OSS business, smart city and smart transportation business, have continuously obtained new orders and maintained a steady growth trend. At the same time, based on OSS business, the company cut into the operator's big data system construction and network optimization market and made a major breakthrough. Through bidding, we have successively obtained the market share of network optimization services in Zhejiang, Shaanxi, Jilin, Shanxi, Liaoning, Henan and other provinces 10 and mobile group design institute. In addition, the company is actively developing a system platform suitable for SDN/NFV and conducting pilot projects in some mobile city companies. In the construction of smart cities, a joint venture company was established with the government to actively explore the operation of PPP mode. In addition, based on the good cooperative relationship between operators and the accumulation in vertical industries such as smart cities and smart transportation, the company actively laid out Internet of Things platforms and industry applications. In 20 16 years, the company realized revenue of 133 1 100 million yuan, a year-on-year increase of1.15%, and net profit attributable to the mother of1300 million yuan, a year-on-year increase of 22.

Rating and profit forecast: As a leading operator OSS provider in China, the company is a smart transportation electromechanical engineering and system software provider, with steady development of its main business, continuous breakthroughs in network optimization, network security and big data business, and active deployment of the Internet of Things. The restricted stock incentive plan launched this time covers a wide range of people and binds the interests of shareholders, companies and employees. Future development is worth looking forward to. We estimate that the net profit of the company's 20 17-20 18 will be 654.38+72 million yuan and 209 million yuan respectively, and the EPS will be 0.27 yuan and 0.33 yuan respectively, corresponding to 4 1 times and 33 times PE respectively, which will be replenished for the first time and rated as "overweight".