Key investment events: The company released its 2017 three-quarter report. The first three quarters achieved revenue of 3,016 billion yuan, an increase of 13.11% over the previous year, and net profit of 190 million yuan, an increase of 88.38% over the previous year. The merger was completed, and the company's performance increased significantly. The 20% shares of Zhangwei Technology, Guanda Film and Television, and Keyi Communications completed the transfer in early March '17, and the company's performance increased significantly after completion of the merger. From July to September 2017, the company achieved revenue of 1,212 billion yuan, an increase of 44.81% over the previous year, and net profit of 54.53 million yuan, an increase of 30.92% over the previous year. The company predicts net profit for the full year of 2017 will be 198-269 million yuan, an increase of 40%-90% over the previous year. It met our previous expectations. After the merger and acquisition was completed, the company's business focus gradually changed from marketing to content. The company's original main business was a television advertising marketing company. It is now gradually transforming into a content-focused company. The company began transformation and mergers and acquisitions in 2015, and has successively acquired digital marketing company Edcon; Keyi Communications, a film and television variety promotion agency; Internet literature company Jangwei Technology; and TV drama company Guanda Film and Television. After the acquisition, the company's business focus gradually changed from marketing to content. Guanda has a rich film list and is expected to exceed its net profit on gambling this year. “Because I Met You” by Guanda Film and Television is a small-cost TV drama, but it was runner-up in ratings in the first half of the year. This is only “In the Name of the People.” “Waves and Flowers” confirmed revenue in Q3, and “Super Sensual Lover” is expected to be confirmed in Q4. “Warm Dazzle” (starring Zhang Han) was launched in August 2017. Guanda has a rich film list, and is expected to exceed its net profit on gambling this year. Earnings forecasts and ratings. We expect the company's EPS in 17/18/19 to be 0.76/0.92/1.06 yuan, respectively, and the current stock price corresponding to PE for the same period is 33/27/24 times. We are optimistic about the comprehensive layout of the entire “content production+advertising monetization” industry chain of the company's “film and television content+marketing” to maintain the “increase in holdings” rating. Risk warning: changes in audience preferences; industry regulatory policy risks.