Core opinion events: The company released its 2016 annual report. In 2016, the company achieved operating income of 2,803 billion yuan, an increase of 84.21% over the previous year; realized attributable net profit of 403 million yuan, an increase of 80.16% over the same period last year, and achieved an EPS of 0.70 yuan, an increase of 53.89% over the previous year. Our view is that the integration results of the outdoor business have exceeded expectations. Maintaining high endogenous growth in the digital equipment business has benefited from acquisitions of companies such as Shenzhen Lima and the steady progress of integrated marketing service groups. The company's performance growth rate is impressive. It is worth noting that the integrated results of the company's outdoor advertising business have exceeded expectations, such as implementing Huahan culture's real estate marketing model, accurate targeting of the WeChat friend circle advertising business, expanding the form of marketing for local customers in other media, and upgrading the previous single local media management to comprehensive business management. The gross profit of digital outdoor activities increased from 41.4% to 47.2%. The digital equipment business sector maintained high endogenous growth. In 2016, the company's digital equipment segment achieved revenue of 935 million yuan and net profit of 130 million yuan, an increase of 79.56% over the previous year. As the promotion, sales and production capacity of large-pitch products and high-end rental products continue to increase in the future, it is expected to maintain rapid endogenous growth. The integrated marketing service group layout has basically completed the digital marketing business segments covering online and offline, namely brand PR marketing (Youtuo PR), interactive event marketing (Litang marketing), Internet marketing (Shenzhen Lima, precise audience), and offline scene big data (Shu Xiong Network) digital outdoor business segments will continue to integrate outdoor resources in the core business district. The company's own media area has reached 250,000 square meters, and it has a complete e-TSM outdoor media resource management system. The e-TSM outdoor media resource network management system has cooperated with 12,888 businesses nationwide. It has been established covering 342 cities across the country, with 55,156 advertising resources, and a total media resource area of 17.436 million square meters. In the future, the company will continue to expand horizontally, increase outdoor media resources in major cities across the country, and improve the construction of a national media resource network. Waiting for the detailed implementation of the Integrated Marketing Services Group in 2017. Considering that the company has completed the layout of the three major digital media businesses, it is expected that in 2017, it will be implemented in detail in the three business modules of digital marketing, digital outdoor, and digital equipment, further enhancing the company's own scale, synergy, and brand influence. Maintaining the “buy” rating (1) Issuing 2 billion yuan of bonds to provide financial backing, and it is expected that the 2017 group strategy will be further implemented; (2) the company's management provides safety cushions; 1. The main shareholders promise to reduce their holdings by no more than 27 yuan/share, and the maximum share reduction ratio is no more than 12%; 2. The company plans to use its own capital to repurchase the company's shares. The repurchase price of shares is no more than 2.5 billion yuan/share. The repurchase of shares is about 9.6 million yuan, accounting for 1.56% of the company's total issued share capital so far. The total capital is not more than 2.4 billion yuan/share. For employee motivation; (3) With the gradual integration of the company's business, we expect the company's EPS in 2017, 2018, and 2019 to be 0.91, 1.21, and 1.65 yuan, respectively, and the corresponding PE is 27X, 20X, and 15X, respectively. Give the company a target price of 30 yuan.