Key investment events: The company released its 2016 quarterly report. Comment: Business transformation drives profit growth. 1) The company's revenue in 2015 was 398 million yuan, a year-on-year decrease of 12.62%; net profit was 12.32 million yuan, an increase of 7.33% over the previous year. 2) The company has always been an advertising agency for traditional TV channels. Since last year, the company has been actively transitioning to content marketing and variety show production. The music mystery program “I See Your Voice”, which the company invested in at the end of March, was broadcast on Jiangsu TV and received good reviews. Although the company's revenue declined slightly under the transformation strategy, profit growth was good, net interest rates were raised, and the transformation was beginning to shine. The “one, two wings” strategy is progressing steadily. 1) One of the “two wings” is content marketing. Since last year, the company has participated successively in Huachuan Culture, which focuses on the commercial operation of TV programs, Starch Media, and Shanghai, a netizen program production company dedicated to post-processing, and has actively participated in the field of variety show production. 2) The second of the “two wings” is digital marketing. The company adheres to the strategy of developing content marketing and is continuously increasing investment in digital marketing business and team building. Earnings forecasts and ratings. We expect the company's net profit for 2016/17/18 to be 6466/8928/116.3 million yuan, the corresponding EPS preparation for the exam to be 0.48/0.67/0.87 yuan, and 93/68/52 times the PE corresponding to the current stock price. We believe that the “one, two wings” strategic plan and related extension development are expected to open up new horizons for the company's growth and maintain its “increase in holdings” rating. Risk warning: The acquisition fell short of expectations, and the ratings of variety shows fell short of expectations.