Investment highlights North Pakistan Media released its 2016 annual report. Annual revenue was 3,596 billion yuan, up 16.11% year on year, and net profit was 117 million yuan, down 19.43% year on year. Among them, advertising media business revenue was 465 million yuan, a year-on-year decrease of 4.98%, and auto service business revenue of 2,923 billion yuan, including 4S stores, driver training, and car dismantling, etc., an increase of 20.36% over the previous year, which was the main source of the company's revenue growth. The company's various businesses are basically stable, the bus media business is progressing smoothly and in an orderly manner, and the car body, kiosk advertising and other businesses have stable customer sources and needs; the 4S store business has steadily expanded, and more than 5 new 4S stores have been set up in Hebei, Shanxi, etc., while focusing on automobile maintenance and other aftermarkets with high gross margins in Beijing; the driver training business is affected by Beijing's purchase restriction policy, and the number of students has declined, and the car dismantling business continues to be stable. The bus charging business has entered the stage of actual operation and development. New energy buses operated and used by the Beijing Public Transport Group, which mainly serve customers, have been put in place one after another. The first batch of 19 bus charging stations built and operated by Beiba media subsidiary Longrui Sanyou will begin to use. After the service for new energy buses begins, charging services for social vehicles will also be launched one after another. As the bus group gradually puts in place, it is expected that construction of the company's second batch of charging stations will begin one after another. Investment suggestions: The company's traditional main business is steady, and the performance of new energy charging services is highly flexible. The EPS is expected to be 0.41 yuan, 0.62 yuan, and 0.76 yuan respectively in 17-19, and the corresponding PE will be 36 times, 23 times, and 19 times, respectively, increasing holdings! Risk warning: The risk that the promotion of new energy buses will not meet expectations.