Key investment points: Steady performance, high user coverage, significant growth in value-added business. In 2015, the company achieved business revenue of 2.175 billion yuan, an increase of 6.15% over the same period last year; realized net profit attributable to shareholders of listed companies of 411 million yuan, an increase of 0.38% over the previous year. In terms of user size, the company's entire network of cable television covered 7.065 million users, with a coverage rate of 77.8%. In 2015, the company actively developed the value-added digital TV business. The overall ARPU value level for value-added business users increased from 199 yuan at the beginning of the year to 215 yuan, and the revenue growth rate was remarkable. The digital business is developing steadily, and related products are constantly being optimized. In 2015, the company continued to optimize and promote digital products. Its applications, such as Cloud Gaming, GISH Reading, Screen View, and Warning, were continuously upgraded and optimized, and users were very sticky. Among them, the number of “Cloud Gaming” users is close to 140,000, and the number of game updates has exceeded 170; the number of programs injected into “JiTV Reading” has reached 77,000 episodes (departments), and the number of mobile apps bound to set-top boxes has reached 480,000; the total number of “Police Watch” application platforms has reached 1.83 million, the number of TV users has reached 196,300, and the number of mobile users has reached 103,300. The company's digital business is developing steadily, user stickiness has increased, and usage habits have gradually developed. New products and new businesses promote the company's Internet transformation. Facing the challenges of the Internet and mobile Internet media, the company actively embraces new media and launched new businesses on the basis of the steady development of the original cable TV business. In June 2015, the company successively introduced and launched the “TV Taobao” and “Alipay” businesses to increase the company's revenue. The “TV Taobao” business creates a “living room culture” as a background through collaboration and integration with the company's “screen screen communication” and other business products to guide users from shopping terminals to cable TV, creating a green, healthy, and comfortable smart home shopping environment. In terms of online payments, the company has fully opened up payment channels for business products through the “Alipay” business. It also takes advantage of its ability to support interbank, cross-region, and fee-free throughout the process to comprehensively enhance the payment experience of company users and enhance the company's users' stickiness to business products. By the end of the reporting period, the total number of users of the company visited “TV Taobao” through TV set-top boxes was 338,500 units, with a cumulative total of 3.74 million page views and 49,800 purchases, and a cumulative transaction volume of over 1.5 million yuan. The combination of multiple industries and the three major sectors first came to prominence. In addition to its main cable TV service, the company is also actively developing other businesses, improving the industrial chain, and expanding its business layout. After development in recent years, the company has formed three major segments: “Main Business Innovation”, “Financial Investment”, and “Cultural Tourism”. Among them, the “Content Innovation” section carries out the layout of the source content side through its subsidiary Gishi Media and Cultural Industry Investment Company, to improve the industrial chain, and achieve collaborative development of content products and business platforms of listed companies. Investments in the “financial investment sector” involve and cover many financial investment fields such as commercial banking, private equity investment funds, internet finance, supply chain finance, venture capital, and asset management. The cultural tourism sector develops tourism resources through its subsidiaries. Today, the company's three major divisions have begun to shine, and I believe the relevant layout will gradually be upgraded in the future. Profit forecast. In 2016, the company will continue to adhere to the development direction of “outstanding main business and multiple industries combined”. Main business aspect: Vigorously develop value-added services centered on high-definition interactive services, make every effort to consolidate the steady development of basic users without loss, and comprehensively increase the market share and penetration rate of value-added services. In addition to this, the company will also actively lay out new media and new businesses such as smart home shopping, and continue to lay out the three major sectors of “main business innovation,” “financial investment,” and “cultural tourism.” We expect the company's 2016-2018 EPS to be 0.14 yuan, 0.15 yuan, and 0.16 yuan, respectively. Also, in the same industry, Radio and Television Network, CITIC Guoan, and Huashu Media's agreed PE expectations for 2016 were 35.24, 42.19, and 41.96 times, respectively. We gave the company a valuation of 37 times in 2016, corresponding to the target price of 5.18 yuan. Give an increase in holdings rating. Risk warning. General market systemic risk; risk that the company's transformation falls short of expectations.