Main point of view 1. Divesting the power surge loss business and achieving a significant increase in performance. During the reporting period, the company divested the power surge protection business, eliminated the risk of the original loss-making business, completely transformed its main business, and completed acquisitions of Weiying Time and Space (100%) and Cloud Time and Space (88.64%), making a strong presence in the field of mobile Internet marketing. During the reporting period, Jinyuan Interactive achieved revenue of 901 million yuan. The company's mobile Internet business revenue accounted for 89.02%, and the gross margin was 13.74%. The company officially sold its lightning protection subsidiary in Dongguan in 2016 and divested the original surge protection business. In the future, the company will fully rely on mobile marketing as a starting point to benefit from increased industry prosperity and seek performance growth points. 2. Under the participation of three controls and multiple shares, the mobile marketing industry chain layout was initially laid out. The company has actively carried out digital marketing mergers and acquisitions, and has successively acquired a number of high-quality digital marketing targets. The “three controls, multiple parameters” mobile marketing industry landscape is beginning to appear. Among them, Jinyuan Interactive, a holding company, provides mobile Internet advertising and mobile search advertising services, and Weiying Interactive, Cloud Time and Space, and Shareholder Information realizes services such as mobile advertising affiliate platforms and mobile game promotion services. Subsidiaries will develop a full range of mobile marketing services for advertisers and data sharing and collaborative development. At the same time, the company has invested in many companies, and Xiaozi Technology has achieved accurate marketing through data analysis. Talent Network focuses on human resources 020, and lays out the mobile video advertising market on a dual line. The in-depth layout is centered around the mobile Internet, and the construction of a mobile marketing ecosystem is sought. 3. Deeply involved in the field of mobile marketing, mergers and acquisitions will continue to be the main path in the future. Compared to many leading global integrated marketing service groups such as WPP abroad, mergers and acquisitions are the main theme of the rapid growth and development of domestic and foreign marketing companies. In the future, the company will use big data to deepen the field of digital marketing, and while continuing to make efforts in the direction of precise marketing, the company will further expand through the capital market and actively lay out related businesses along the main line of the mobile Internet industry chain. At the same time, it will expand horizontally to cover various vertical segments such as mobile games, e-commerce, O2O, etc., and enter overseas markets to form a global mobile marketing group. 4. Investment advice: As a new company transforming mobile marketing, Mingjia Joint has a complete industrial chain layout, and its subsidiaries are in excellent quality and are developing rapidly. In the future, the development of the mobile marketing industry will show a rapid expansion trend, and the company will fully enjoy the dividends of industry development. The divestment of the original main business has fully invested in mobile marketing, bringing about the company's all-round development and integration. We expect the company's net profit in 2016-2018 to be 2.11/2.66/330 million yuan respectively. The current stock price corresponds to PE 49/39/32X, and the continuous development is given a “buy” rating. 5. Risk warning: The expansion of the marketing industry is not progressing as expected; business integration risks.