Incident: The acquisition of Beijing Yingcai and the integrated lottery industry chain company announced the controlling interest of Beijing Yingcai Changlian Network Technology Co., Ltd. and its related parties engaged in similar business. Beijing Yingcai Company achieved operating income of 46.741 million yuan and net profit of 29.8041 million yuan in 2013. 2014Q1: Revenue of 160 million yuan, net profit of 2.4 million yuan The company achieved operating income of 160 million yuan and net profit of 2.4 million yuan in Q1 of 2014, up 35% and -61% year-on-year respectively. Beijing Yingcai - Beijing Yingcai Changlian Network Technology Co., Ltd., a leading lottery sales service provider in China, is one of the earliest companies in China to launch an Internet lottery business. The lottery industry brand “Lottery Big Winner” it operates, as well as its Internet website, are well-known lottery platforms in China. Beijing Yingcai has become a leading lottery ticket sales service provider in China. It has a mature lottery ticket sales platform, software and client products, and its business has covered various media channels. Variety Co., Ltd. has completed the integration of the lottery industry chain. The company has already acquired four lottery-related companies: Shanghai Liangcai, which engages in the wholesale business, Yingcai, which engages in retail business, which has acquired this time, Haoxuan Company, which is engaged in the development of lottery analysis software, and Beijing Wonderland, which has a good cooperative relationship with operators. At this point, the company's layout in the Internet lottery industry chain is improving. The profit forecast and valuation estimate that the company's EPS for 14-16 will be 0.26 yuan, 0.43 yuan, and 0.53 yuan respectively, corresponding to 38 times, 23 times, and 19 times PE for 14-16, respectively. Maintain a “buy” rating. Risks suggest that marketing in the mobile Internet sector is below expectations; related policies are below expectations.