Profit forecast We expect EPS to be 0.38 yuan, 0.63 yuan, and 0.87 yuan from 2012 to 2014, respectively. The PE corresponding to the current stock price is 39 times, 23 times, and 17 times, respectively. The marketization and securitization of state-owned media is a major trend in the context of cultural development and policy support. The company will clearly benefit from this process and maintain a “highly recommended” rating. Risks suggest an increase in ad agency costs and TV content costs.