Key investment points: Wholly-owned acquisition of the trio, entry into campus marketing, coverage for the first time, an increase in holdings rating. ① The company invested 1.104 billion yuan in the form of stock issuance+cash to purchase 100% of the three shares. The target company's 2016-2018 performance promises are 0.8/1.0/125 million yuan respectively, which is expected to significantly increase the company's performance. The valuation of this acquisition corresponds to 13.89 times its dynamic PE in 2016, and the valuation is relatively low. ② The trio is the first stock in campus media. It has a first-mover advantage and enjoys the rapid growth dividends of the industry; ③ The company's original business is expected to have an EPS of 0.09/0.11/0.13 yuan in 2016-18. Assuming that the trio is combined in 2017, the EPS preparation for the exam is 0.09/0.35/0.42 yuan; giving the company a target price of 17.5 yuan, corresponding to an increase in holdings of 6.3 xPb, which is slightly higher than the industry average. Three people: China's leading one-stop campus integrated marketing service. ① The main business of the trio includes campus promotion and marketing, public relations and local promotion activities, digital integrated marketing, and mobile Internet product development, which has accumulated rich campus resources and has a first-mover advantage; ② It was listed on the new third board in April 2015 and became the number one stock target for campus media; ③ the target company firmly grasped university resources, and achieved revenue of 114 million yuan and net profit of 24.4814 million yuan in 2015. In the future, the company will further increase the proportion of digital integrated marketing business and achieve rapid growth in performance. The acquisition is expected to achieve high business collaboration and transformation and upgrading. ① The company's main business, tourism services, has grown steadily; net profit has been sluggish in recent years due to poor performance in the hotel business, and there is an urgent need to expand the scope of business to achieve transformation and upgrading; ② We believe that after the transaction is completed, the company will inject the three-person online advertising business into the three-person online advertising business, which is conducive to leveraging the synergy between the company's various business segments, while continuing to increase smart tourism, which is expected to bring additional net profit. Risk warning: Competition in the campus media industry is intensifying; post-merger synergies may fall short of expectations.