Shen Wan published a report stating that he reiterated the first video (00082-HK) buying rating, with a six-month target price of HK$4.02, predicting the company's earnings per share for the next three years to be HK$0.22, 0.29, and HK$0.36, respectively; the target price corresponds to 18.27 times the 2010 price-earnings ratio and 13.8 times the 2011 price-earnings ratio, respectively. The report points out that government support, the increase in income of the low-income population, and the growth of lottery players will support the long-term growth of China's lottery industry. The bank expects the cumulative growth rate of China's lottery industry to reach 27.8% in the next ten years. The operating cost of mobile lottery tickets is lower than that of computer tickets. As a result, the government will save a lot of costs in order to expand its fiscal revenue. The bank said that with the downturn in the domestic real estate market and the clean-up of local financing platforms, the government should also consider open source while saving money, so from an economic point of view, the implementation of mobile lottery tickets has a considerable effect on the government's revenue expansion. If the ARPU of the first video mobile lottery users remains at the level of 2009, while user growth maintains the previous trend, if the number of registered users for the whole year is 9.5 million, the company's mobile lottery revenue has increased more than nine times this year. Last year, the company's mobile lottery revenue was HK$64.48 million; ARPU conservatively estimated it to be HK$5.37. If last year's ARPU value is used (regardless of growth), based on the assumption of 9.5 million registered users throughout the year, the company's mobile lottery revenue will increase 900% to HK$600 million this year. The explosive growth in lottery revenue will fuel the company's rapid growth; mobile game profits have quadrupled this year. The bank also said that in October 2009, the company acquired Dragon Joyce. The company's 2009 mobile game revenue was HK$16.96 million, mostly from Dragon Joyce. In the acquisition agreement between the company and Dragon Joyce, it was agreed that Dragon Joyce's net profit before tax in 2010 would reach RMB 71.5 million (four times that of 2009). According to Shen Wan's conservative estimates (ARPU is 3 yuan, 7 million users per month), this profit target is attainable. Online advertising has benefited from the recovery of downstream demand, and the growth of the company's online advertising business has been able to catch up with the growth of the online advertising industry. Since the advertising industry often lags behind the economic cycle, compared with other forms of advertising, online advertising also has advantages such as low cost, wide coverage, and accurate delivery; the company's online advertising business can at least keep up with the industry's average growth rate of 36.2%. The first video closed down 0.78% to HK$2.55 for the full day.