Guide to this report: Xi'an Tourism plans to wholly acquire the shares of the trio, combine travel business, hotel business with online media, focus on building a three-dimensional marketing network, enter smart tourism, and cultivate new profit growth points for the company. Key investment points: Acquire three companies wholly-owned, enter campus marketing, and give ratings for increasing holdings for the first time. ① The company invested 1,104 billion yuan to purchase 100% of the shares of the trio in the form of share issuance+cash. The target company's performance promises for 2016-2018 were 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 2016 dynamic PE, and the valuation is relatively low. ② The trio is the first stock of campus media, with a first-mover advantage, and enjoys the rapid dividends of the industry; ③ The company's original business EPS for 2016-18 is expected to be 0.09/0.11/0.13 yuan. Assuming that the company is merged in 2017, the EPS for exam preparation is 0.09/0.35/0.42 yuan; the company is given 6.3 xPb, which is slightly higher than the industry average, and the corresponding target price is 17.5 yuan to increase its holdings. Three people: the leading one-stop integrated campus marketing service in China. ① The main business of the trio includes campus promotion and marketing, public relations and promotion activities, digital integrated marketing, and mobile Internet product development, and 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 first 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 its share of digital integrated marketing business and achieve a rapid increase in performance. The acquisition is expected to achieve high business collaboration, transformation and upgrading. ① The company's main business, travel 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 on the basis of the original 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 new net profit. Risk warning: Competition in the campus media industry is intensifying; the synergy effects after mergers and acquisitions may fall short of expectations.