Investment highlights: Buses are online and listed, and the company's performance has increased significantly. The company released its 2015 annual report. In 2015, it achieved operating income of 183 million yuan, an increase of 57.71% over the previous year; realized net profit attributable to shareholders of listed companies was 10.87 million yuan, an increase of 154.55% over the previous year. In November 2015, the bus officially completed the transfer online. The mobile TV media business is the focus of the company's future development. Bus Online promised to achieve net profit attributable to parent company shareholders of no less than 100 million, 150 million, and 200 million yuan from 2015 to 2017. Bus Online's four major advantages forge core competitiveness. 1) Media resource advantages: Bus Online has the core brand of “CCTV mobile media”. Bus Online is the only outdoor mobile television channel for CCTV, carrying the credibility of the authoritative brand of CCTV (CCTV). 2) Customer advantages: Bus Online has established advertising business partnerships with hundreds of well-known domestic and foreign companies, such as China Mobile and Coca Cola, and has high-quality and stable customer resources. 3) Business collaboration advantages: In early 2015, the company launched two major products, the mobile video self-media community “I shoot” and the H5 bus mobile lifestyle community “I play”, and initially realized the transformation from a simple bus mobile TV to an “interactive, cross-platform, multi-terminal” mobile Internet media. 4) Technical advantages: In terms of bus mobile TV media operations, it has a number of core technology patents, and the company's core technical team has successfully developed two mobile Internet application products, “I shoot” and “I play”. Build a bus mobile ecosystem with a “mobile+video+community+intelligence” business collaboration product matrix. Bus Online has its own unique advantages in the field of mobile bus advertising, building a bus mobile ecosystem by relying on the three major businesses of “mobile TV+I shoot+I play”. As a platform for mobile apps for users, mobile TV carries out direct marketing, expands the scope of app usage, and increases user stickiness; “I Shoot+I Play” focuses on the entertainment community, provides better content and programs for mobile TV, and increases user traffic; in the future, after the three major businesses are gradually integrated, more profit channels will be spawned. With product development as the core, the company has formed four divisions of “intelligence, media, video, and games” to create a pan-Internet entertainment system. In 2016, the company will usher in business transformation and major changes. The company as a whole will completely transform from traditional manufacturing and traditional outdoor media to an Internet company, combine channel construction with content, applications and hardware, rely on the transformation and upgrading of traditional industries to mobile Internet industries, and create a mobile ecosystem for bus scenarios. 2016 was defined by the company as the “year of products”. While concentrating on product development, the quality of service was improved, and the user experience was greatly improved through practical actions. Profit forecast: We expect the company's 2016-2018 EPS to be $0.52, $0.69, and $0.80, respectively. Also, in the same industry, Simei Media and Rio Stock's agreed PE forecast for 2016 was 46.74-61.21 times. We gave the company a valuation of 60 times in 2016, corresponding to the target price of 31.20 yuan. The first coverage gives a buying rating. Risk warning: The video game business falls short of expectations, policy risks, intense market competition, and systemic risks.