Research Status: On March 11, we investigated Jinya Technology. Company executives explained and exchanged with us about the operation and development of Jinya Technology. Key investment points: A traditional radio and television equipment manufacturer, good at hardware development and manufacturing, Jinya Technology is a hardware manufacturer that mainly produces radio and television supporting equipment. The products cover: digital TV front-end series equipment, cable TV two-way network equipment, digital TV operation support systems, and a full range of digital TV set-top boxes. The company's traditional advantage is the development and manufacture of radio and television hardware products. The entire game industry chain has completed the layout in a closed loop. The content-side is extremely advantageous. The company has actively laid out the game industry in recent years when the hardware business is becoming more mature. Among them, it plans to acquire high-quality mobile game development+ publisher Tianxiang Interactive, and obtained the operating rights of the World eSports Championship (WCA) by participating in 60% of the shares in Yinchuan Shengdi; in addition, the content operator Minghe, which owns the video game business and controls GTV, one of the two major video game channels in the country, has completed the closed-loop layout of the game industry chain of “mobile games+video games+professional game video media+e-sports”. The company's excellent upstream game development capabilities, midstream game media, and downstream global e-sports are expected to be nurtured in both directions, forming an extremely strong positive cycle effect on the company's game closed loop. This layout is already at the forefront of domestic game manufacturers. Game+consumer electronics+virtual operator. The company basically established the Pan-Home Internet Ecosystem with the long-term development strategy of building a “Pan-Home Internet Ecosystem”. While completing the content terminal layout with games as the main body, the consumer electronics+virtual operator business, has also begun to launch two other major business segments. Among them, the consumer electronics business will be dominated by the three major segments of Jinya Technology, which provides integrated services such as home entertainment and health management, Shenzhen Jinya, which provides dual-system game consoles, and Harvard International, which provides high-end consumer electronics brands, while the virtual operator business is mainly composed of Wheat Straw Innovation, which provides mobile Internet acceleration and three-network integration service solutions, and Jinya Cloud Media, which provides public Wi-Fi video services and smart city solutions. Through the layout of the three major business segments, the company has initially completed the “platform+content+terminal” pan-home Internet ecosystem industrial layout. We are optimistic about the content-side advantage established by Jinya Technology by laying out a closed loop in the entire gaming industry chain. Combined with the company's excellent hardware production and operation capabilities, it is expected that the company's profitability and valuation level will be greatly improved. We covered the company for the first time and predicted that 2015-2017 will achieve EPS of 0.68, 0.94, and 1.16 yuan/share, respectively, giving an investment rating of “increase in holdings.”