Incident: The acquisition of Beijing Yingcai, an integrated lottery industry chain company, announced the controlling interest of Beijing Yingcai Changlian Network Technology Co., Ltd. and its related parties engaged in similar business. Beijing Yingcai achieved operating income of 46.742,100 yuan and net profit of 29.8041 million yuan in 2013. 2014Q1: Revenue of 160 million yuan, net profit of 2.4 million yuan. The company achieved operating income of 160 million yuan and net profit of 2.4 million yuan in 2014Q1, up 35% and -61% year-on-year respectively. Beijing Yingcai - Beijing Yingcai Changlian Network Technology Co., Ltd., a leading domestic lottery sales and service provider, is one of the earliest companies in China to start an internet lottery business. The lottery industry brand “Lottery Big Winner” it operates and its Internet websites are all well-known lottery platforms in China. Beijing Yingcai has become a leading lottery ticket sales service provider in China. It has a mature lottery sales platform, software and client products, and its business has covered various media channels. Variety has completed the lottery industry chain integration. The company has acquired four lottery-related companies: Shanghai Liangcai, which is engaged in the wholesale business, Yingcai, which is engaged in the retail business, Haoxuan, which is engaged in the lottery analysis software development business, and Beijing Wonderland, which has a good cooperative relationship with the operator. At this point, the company's layout in the Internet lottery industry chain is improving. The profit forecast and valuation estimate the company's 14-16 EPS is 0.26 yuan, 0.43 yuan, and 0.53 yuan, respectively, corresponding to 38 times, 23 times, and 19 times PE in 14-16, respectively. Maintain a “buy” rating. Risks suggest that market promotion in the mobile Internet sector has fallen short of expectations; related policies have fallen short of expectations.