Third quarter report review: The company released its 2017 three-quarter report. In Q3 2017, the company achieved revenue of 1,212 million yuan, a year-on-year increase of 44.81%; the company's revenue for January-September 2017 was 3,016 million yuan, up 13.11% year on year, and net profit to mother was 190 million yuan, up 88.38% year on year, after deducting net profit of 176 million yuan year on year, up 95.84% year on year, and earnings per share were 0.63 yuan, up 75% year on year. The acquisition of the company increased performance and increased the overall gross profit margin. In the first quarter of 2017, Zhangwei Technology, Guanda Film and Television, and Keyi Communications completed the transfer of 20% of the shares. In addition, the automotive digital integrated marketing company Zhihai Yangtao, which was acquired last year, also completed the merger in the first half of the year. Profits contributed to the profit level for the full year of 2017, and under pressure on goodwill, 2017Q3's goodwill increased 216% at the end of the period; due to the high business gross margin of Zhangwei Technology, Guanda Film and Television, and Keyi Communications, the company's comprehensive gross margin from January to September 2017 was 15.49%, an increase of 3.66 pcts over the previous year. The scale of the company's business expanded, and costs and expenses increased simultaneously. On a quarterly basis, the company's revenue growth rate was significantly higher than in the first and second quarter, while Q3 gross margin was 12.69%, down from the previous two quarters; the company's January-September sales expenses increased 43% year on year, and management expenses increased 12.22% year on year. All of these were due to the continuous expansion of the company's content and content marketing business, and increased costs and expenses. The business structure continues to be adjusted, and we are optimistic about the layout of the company's content industry chain. The company gradually transformed from a media agency as its main business to content marketing as its main business. In terms of content production, the copyright of movies, TV series and screenplays produced by Guanda Film and Television increased. Inventory went from scratch, and the inventory balance at the end of the period was 210 million. In addition, Guanda Film and Television's follow-up project reserves are rich, further strengthening the “IP source+content production+marketing promotion” content industrialization operation platform investment recommendations and ratings: the company predicts that net profit for the full year of 2017 will be 198 million to 269 million yuan, an increase of 40%-90% over the previous year. We are optimistic about the company's ability to continue to integrate marketing. We expect net profit from 2017-2019 to be 218 million, 298 million and 369 million yuan, and EPS is 0.69 yuan, 0.94 yuan and 1.16 yuan, according to October 31 The daily stock price, corresponding to PE is 36 times, 27 times, and 22 times. Considering factors such as future impairment of the subsidiary's goodwill, it was downgraded to an “gain” rating. Risk warning: The economic downturn has led to a decrease in advertisers' demand; industry policy risks.