Investment highlights. The ultra-optical network business is expected to continue to grow well. In recent years, all forces have begun to vigorously develop Internet TV, which has largely encouraged cable operators to speed up the pace of internetization of radio and television, which has effectively stimulated the company's ultra-optical network business volume. With the continuous promotion of two-way network reform, the company also maintained its leading edge in the bid winning rate in the market. Looking at the early stage, the ultra-optical network business volume began to expand last year, and it is expected to maintain a good growth trend this year. At the same time, the company participated in formulating the c-docsis standard, which has become an important success story for exporting Chinese standards to the international market, and will promote the business deployment of its overseas subsidiaries. There is already room to expand the Internet finance business. Earlier, the company's Fengfu platform had switched to a secure P2P management platform, with a daily water flow of over 20 million. Looking at the current development situation, the company has cooperated with more than 500 P2P companies, and the monthly turnover has reached 1.5 billion dollars. Among them, in terms of fund escrow and payment cooperation in the P2P industry, the growth rate exceeded 300% in half a year, ranking high in growth. In addition, the company's financial IC card business is also being actively promoted, and in the future, when all bank cards are replaced with chip cards, the company's business will also usher in a period of development. We believe that in the context of the country's support for promoting the healthy development of Internet finance, this segment of business is the focus of the company's development, and future platform derivation and cooperation promotion with other parties are worth looking forward to. Cooperate with Hubei Radio and Television to broaden business development channels. In addition to introducing the Fengfu Internet financial platform, the current cooperation between the company and Hubei Radio and Television will also establish close and long-term strategic and mutually beneficial relationships on network transformation, home IoT, WiFi coverage, and intelligent gateways, increasing the user coverage of more than 10 million households, which will facilitate the company's business system construction with smart homes as the main line and make full use of the company's greater platform value, and will also lay the foundation for future cooperation with other platforms. Use crowdfunding for film and television as a breakthrough to deepen the development of this business. Due to the good box office and word of mouth for “Beijing No. 81” and “Girlfriends” last year, the subsidiary Perfect Starry Sky and Fujian Hengye have deepened the strategic cooperation between the two sides. Currently, they are co-producing around 4 films. At the same time, in the future, the company plans to first use crowdfunding for film and television as a breakthrough point on its own platform to further promote the dual development of the film and television business and crowdfunding business, which will be a good complement to the existing film and television business. DVB+OTT has been steadily promoted, and the main line of business has gradually become clear. Recently, while introducing resources from various sources, the company has focused on developing value-added services such as smart terminals, multi-screen interaction, internet finance, cicai, and somatosensory technology. At the same time, it has promoted the joint development of the company's cloud strategy business segments such as cloud technology, cloud transcoding, and accurate advertising. This has made the company's ecological construction of the entire radio and television internet-based industry chain with smart homes as the main line. Investment advice: We expect the company's net profit for 2015-2017 to be 235 million yuan, 302 million yuan, 369 million yuan, and EPS of 0.341 yuan, 0.438 yuan, and 0.536 yuan. The current price corresponding to PE is 58.72, 45.73, and 37.44 times, respectively. Considering the company's future main business development space and market expansion potential, we maintain its “recommended” investment rating in the medium term. Related risks: Internetization of radio and television is slowing down, new business development falls short of expectations; increased industry competition and GEM system risks.