Incident: Guangxin Group, the controlling shareholder, increased its holdings by 520,000 shares by 7.84 yuan/share on June 26, for a total increase of 4.07 million yuan. Continued increase in holdings is not ruled out in the future. Core view: 1. The controlling shareholder, Guangxin Group, positioned itself as a financial investor in the development process of Guangdong Province and did not intervene in the operation of Guangdong Province. This increase in current price during the period when the market was hovering shows recognition and confidence in the company's value, and will also boost investment confidence in the secondary market. After this increase, Guangxin Group held 15.3% of the shares. Based on optimism about the company's long-term development, it is not ruled out that it will continue to increase its holdings in the future. The business development of Guangdong Province has always been controlled and led by management. The majority shareholders do not intervene in the operation and fully trust the management's ability. Overall, the business development and management style of Guangdong Province is steady, and at the same time, there is no shortage of market-based progress. The endogenous business is stable, and major customers maintain stability and continue to tap customer order contributions. At the same time, the number of customers is continuously expanded. At the same time, business capabilities and customer service matrices are strengthened through investment and mergers and acquisitions, and the business layout is improved and expanded. 2. The company's merger and acquisition strategy is different from other companies. The scale of the target of the acquisition is gradually increasing, the size is not large, and usually a holding acquisition or 80% share acquisition is carried out to better bind the target core team. At the same time, the target company will integrate development, cooperate and complement each other, and have strong control capabilities. The acquisition of Tuochang further enhances the company's entire marketing ecosystem platform and strengthens mobile marketing service capabilities. Shanghai Tuochang focuses on accurate delivery of mobile internet advertisements, mainly providing performance-oriented mobile advertising promotion services for game and e-commerce application developers. 3. The company's advantages are rich customer resources, full marketing customer service capabilities, and resource integration capabilities. In the marketing industry (especially digital marketing and mobile marketing), when the marketing industry (especially digital marketing and mobile marketing) becomes mature and stable, advertisers will have higher requirements for the comprehensive service capabilities of advertising companies, and the company's advantages will be more obvious. The company has continuously acquired customers in the automotive, financial and FMCG industries for the past 2 years, and its ability to acquire and control customers has continued to improve. 4. The company's share of digital marketing revenue continues to rise, and the big data strategy provides technical support for the company's full marketing and accurate marketing. The share of digital marketing revenue has increased to around 30%, and is expected to continue growing this year. 5. Maintain a “buy” rating. Assuming that Tuochang starts and shares in July, we predict that the company's net profit for 17-18 will be 749 million (+23%) and 887 million (+18%), respectively. The current stock price is 0.43 yuan and 0.51 yuan for 17-18 EPS, and 18 times the corresponding PE for 17-18 is 18 times and 16 times, respectively. 6. Risk warning: M&A consolidation falls short of expectations, and the macroeconomic downturn affects the company's revenue.