Key investment points The ultra-optical network business is expected to continue to grow well. In recent years, all forces have begun to vigorously develop Internet TV, which has largely encouraged cable operators to accelerate the pace of radio and television internetization, which has effectively stimulated the company's ultra-optical network business volume. With the continuous promotion of two-way network reform, the company also maintained its leading edge in the bid winning rate in the market. Looking at the early stage, the ultra-optical network business volume began to expand last year, and it is expected to maintain a good growth trend this year. At the same time, the company participated in the formulation of the cc-ddocsis standard, which has become an important success story for the export of Chinese standards to the international market, and will promote the business deployment of its overseas subsidiaries. There is already room to expand the Internet finance business. Earlier, the company's Fengfu platform had switched to become a PP2P management security platform, with a daily water flow of more than 0.2 million. Looking at the current development situation, the company has cooperated with more than 0500 PP2P companies, and the monthly turnover has reached 51.5 billion dollars. Among them, as far as PP2P industry fund trusteeship and payment cooperation is concerned, the growth rate exceeded 300% in half a year, ranking high in growth. In addition, the company's financial IC card business is also being actively promoted, and in the future, when all bank cards are replaced with chip cards, the company's business will also usher in a period of development. We believe that in the context of the country's support for promoting the healthy development of Internet finance, this segment of business is the focus of the company's development, and future platform derivation and cooperation promotion with other parties are worth looking forward to. Cooperate with Hubei Radio and Television to broaden business development channels. The current cooperation between the company and Hubei Radio and Television, in addition to introducing the Fengfu Internet financial platform, will also establish close and long-term strategic and mutually beneficial relationships on network transformation, home IoT, iWiFi coverage, and smart gateways, increasing the user coverage of more than 10 million households, which will facilitate the construction of the company's business system with smart homes as the main line and give full play to the company's greater platform value, and will also lay the foundation for future cooperation with other platforms. Use crowdfunding for film and television as a breakthrough to deepen the development of this business. Due to the good box office and word of mouth for “Beijing No. 181” and “Girlfriends” last year, the subsidiary Perfect Starry Sky and Fujian Hengye have deepened the strategic cooperation between the two sides. Currently, around 44 films are being co-produced. At the same time, in the future, the company plans to first use crowdfunding for film and television as a breakthrough point on its own platform to further promote the dual development of the film and television business and crowdfunding business, which will be a good complement to the existing film and television business. DVB+OTT has been steadily promoted, and the main line of business has gradually become clear. Recently, while introducing resources from various sources, the company has focused on developing value-added services such as smart terminals, multi-screen interaction, internet finance, cicai, and somatosensory technology, while also promoting the joint development of the company's cloud strategy business segments such as cloud technology, cloud transcoding, and accurate advertising. This has made the company's ecological construction of the entire radio and television internet-based industry chain with smart homes as the main focus. Investment advice: We expect the net profit attributable to the company from 2015 to 72017 to be RMB 5.235 billion, RMB 2.32 billion, RMB 9.369 billion, and SEPS of RMB 10.341, RMB 80.438, and RMB 0.53,366. The current price corresponding to EPE is 58.72, 45.73, and 437.44 times, respectively. Considering the company's future main business development space and market expansion potential, we will maintain its “recommended” investment rating in the medium term. Related risks: Internetization of radio and television is slowing down, new business development falls short of expectations; increased industry competition and GEM system risks.