Key investment points: Acquire 69.76% of YOKA's shares to further expand upstream in the digital marketing industry chain. The company plans to increase capital to acquire 69.76% of Kaiming Fashion's shares at 580 million yuan in cash. Kaiming Fashion's main business is Internet advertising and marketing service business. After the acquisition of Kaiming Fashion, listed companies will further expand upstream in the industrial chain in the field of digital marketing, which will help optimize the digital marketing structure of listed companies, enhance the ability of listed companies to control upstream high-quality media resources in the digital marketing field, have better Internet marketing media resources, have comprehensive digital resources, and strengthen the brand effect of listed companies. At the same time, Kaiming Fashion's deducted non-net profit from 2016 to 2018 was not less than 40 million, 52 million, and 64.25 million, respectively. Invest in Korean entertainment company SIGNAL to enter entertainment marketing. The company plans to use its own capital of 118 million yuan to subscribe for 12.62% of the shares of SIGNAL, a well-known Korean entertainment company, and become the largest shareholder of SIGNAL; the SIGNAL business covers actor agency management, singer agency management, variety show production, film and television production, etc. Some of the artists under the company also have some popularity in China and have rich experience in program production. Through cross-border investment in the content field, the company has officially entered entertainment marketing, gathered entertainment content marketing resources, built a fashion new media platform, and innovated profit models. The business synergy effect is obvious. The advantages of traditional business continue, the industrial chain layout has been further improved, and investment in industrial mergers and acquisitions funds has been taken to seize development opportunities. The company's subsidiaries, Dongxi and Boshi, injected more offline resources into the marketing service platform, and DIS's front-end promotion drove profit growth and increased the company's overall profitability; Haoye Shanghai's business scale with an annual revenue of more than 1 billion dollars and a user data coverage rate of more than 95% helped open up online and offline passenger flow, connecting online data, offline data and group industry data seamlessly between data and actual marketing. In addition, the subsidiary Huayi Xinbang participated in the Industrial M&A Fund to promote the company's mergers and acquisitions integration and external expansion, and accelerate transformation. Build a strategic blueprint with big data and big content as the core, and start the internationalization process. By holding YOKA, the company completed the first step in entertainment marketing media layout, prioritized high-quality content resources, and was committed to providing a more satisfying user experience and increasing customer stickiness; secondly, it built a value service provider supported by big data, developed accurate marketing through Haoye's accumulation of Internet consumption behavior data, combined with the company's original experiential marketing business data to further form an O2O system with online and offline integration, while deploying mobile devices; recently invested in Korean Entertainment company SIGNAL, laying the foundation for further opening up overseas markets. Profit forecast: The company is a leading large-scale integrated marketing communication group in China with a strategic layout of “big content+big data”. We expect the company's 2016-2018 EPS to be 0.27 yuan, 0.31 yuan, and 0.35 yuan, respectively. Consider the blue cursors of companies in the same industry — India Media unanimously predicted that PE would be 25-61 times in 2016. We gave the company 50 times PE in 2016, corresponding to the target price of 13.5 yuan. Maintain the buy rating. Risk warning: Business integration risks, industry competition intensifies, and performance promises fall short of expectations.