Brief performance review. Digital Video released its 2014 three-quarter report. Revenue for the first three quarters was 157 million yuan, up 34.68% year on year; net profit attributable to 75.61 million yuan, up 30.49% year on year. Business analysis. The business is further diversified, and B2C attributes have been further strengthened: in the first three quarters, the company made breakthrough progress in the fields of film and television, DVB+OTT, etc., and the Internet finance business opened up new P2P fields, and the ultra-optical network tenders also covered more than 90% of the projects. The business was further diversified, especially the breakthrough progress of movies, TV series and DVB+OTT businesses, indicating that in addition to the company's strong B2B attributes, B2C characteristics were further strengthened. “Beijing No. 81” marks the maturity of the company's film and TV drama business: “Beijing No. 81” and “Girlfriends”, etc. produced by the company in the third quarter and achieved high box office revenue. “Beijing No. 81” continued to be the box office champion, marking that the company's film and TV drama business has been in operation for a few years. It has become a mature main business of the company. We expect the company's film and TV drama business to gain further strength, and homemade TV series and movies will become an important driver of performance in the fourth quarter and next year. There has been progress in the military business: orders for the company's audio and video command systems and other products are growing rapidly. Although the base is low, the growth rate is relatively fast, and it is expected to become an important driver of the company's performance in the future. Profit adjustments. We maintain the company's profit forecast for 2014 to 2016. The company's revenue is expected to be 581 million, 770 million, and 1,045 million, respectively, up 50.2%, 32.7%, and 35.6% year-on-year, respectively. The company's net profit is estimated to be 204 million, 267 million, and 354 million, respectively, up 49%, 31%, and 32.44% year-on-year, respectively. ; Diluted EPS was 0.298 yuan, 0.391 yuan, and 0.518 yuan, respectively. Investment advice. The current stock price corresponds to 35.47 times when diluted in 2015. Under the current valuation, we believe that the company's 2015 performance still has many factors that exceed expectations. First, the Internet business is expected to grow rapidly in 2015, driven by the complete replacement of IC cards; secondly, the company's current production of movies and TV shows is expected to be screened during the Christmas and New Year schedule; third, the live star CA business of the State Administration of Radio, Film, and Television is expected to transfer orders to domestic suppliers in line with national security requirements; finally, the company has strong cash reserves, and is expected to make further progress in epitaxial expansion. Therefore, we believe that the company's current stock price has significant layout value in the medium term, maintains a “buy” rating, and has a target price of 15.64 yuan. Risk warning. Systematic valuation risk, radio and television operator payment risk