Bus Online Co., Ltd. (formerly Zhejiang Xinjialian Electronics Co., Ltd.) was founded in May 2000 and listed on the Shenzhen SME Board in November 2007. The company's traditional business is R&D, production and sales of microelectroacoustic-related products. In November 2015, the company completed the acquisition of Bus Mobile TV Media Bus Online Technology Co., Ltd. to form four major businesses: mobile TV media business, I play, I shoot, and traditional hardware manufacturing, and changed its name to Bus Online Co., Ltd. on January 22, 2016. The company has an authoritative brand of “CCTV mobile media” and has the advantages of nationwide mobile media operations. The “I shoot” and “I play” businesses have strong collaboration with the mobile TV business. The smart hardware business will cooperate with the other three major businesses, combine software and hardware, and share customer resources. The four major businesses help the company become a leader in the Chinese bus mobile ecosystem. We gave it an initial purchase rating, with a target price of 50.00 yuan. The main points supporting the ratings have the authoritative brand of “CCTV Mobile Media”. Bus Online is CCTV's only outdoor mobile television channel. It carries the credibility of CCTV's authoritative brands and enhances the credibility of brand communication. At the same time, the company covers 150 cities across the country through the AB network and has a national operating advantage. Build a mobile video self-media community and a bus mobile community through “I shoot” and “I play”, respectively. “I Shoot” combines original video UGC, mobile TV PGC, and social media platforms. Naturally, it has a live streaming mode and online and offline interaction conditions, opening a window for fan development. “I Play” mainly creates a full-time interactive mobile marketing platform and a game distribution and intermodal platform in the bus scenario. The company's four major businesses have strong synergy. 1) “I shoot” forms content interaction with bus mobile TV; 2) “I play” forms marketing interaction with bus mobile TV; 3) bus mobile TV is an important platform for promoting “I shoot” and “I play”; 4) The mobile intelligent hardware business will cooperate with the other three major businesses, combining software and hardware to share customer resources. The main risks faced by ratings: the performance of the acquired company falls short of expectations; systemic risk in the industry. The valuation predicts that the company's profits for 2015-2017 were 7.76 million yuan, 136 million yuan, and 178 million yuan, with a target price of 50.00 yuan, and the first rated purchase.