Net profit for the first three quarters increased by 23%. The performance was in line with expectations that the first three quarters of 2017 achieved revenue of 529 million yuan (YOY +30.80%) and net profit of 122 million yuan (YOY +23.16%); 2017Q3 achieved revenue of 218 million yuan (YOY +57.61%) and net profit of 62 million yuan (YOY +46.15%). The performance was in line with expectations. Top Q3 dramas boosted their performance. The high Q3 performance growth of other shows with good profitability was mainly due to revenue confirmation from the high-margin headline drama “That Year When the Moon Blossomed”. The drama hit Oriental TV, Jiangsu TV, and Tencent Video on August 30. Oriental TV's average ratings reached 2.57%, ranking first in the same category, with Tencent's paid views exceeding 10 billion dollars. At the same time, benefiting from this drama and “Flowers and Distances” and “I'll see you soon”, which confirmed revenue in the first half of the year Traditional dramas such as these all achieved a high input-output ratio. The company consolidated the first three quarters of the year 17 Gross margin reached 52.10%, up 2.88% year over year. Q4 “Emergency Doctor” and “Win the World” are expected to confirm revenue. Future film and television reserve projects will be rich 1) The company's participation in the TV drama “Emergency Doctor” will premiere on October 30 on Beijing TV and Oriental TV, and Q4 will achieve strong revenue recognition certainty. Programmes such as “Win the World”, “We Are Young in Time of War”, and “We Are Young” have entered post-production. Among them, the boutique drama “Win the World” has confirmed that the online sales price of a single episode is 8 million per episode. The relevant contract stipulates that the filming work will be completed by the end of this year, and revenue confirmation during the year is expected to bring greater performance flexibility to the company. 2) The company has abundant reserves of high-quality film and television projects, and continuous growth in performance can be expected. On the TV drama side: Q3 of the TV series “Orient Palace” based on the novel of the same name has entered the filming stage, and shows such as “A Basket of Parents” and “Anayan Love” are expected to begin filming in Q4; in terms of movies: “The Wind of Slayer,” “Elephant in Human Skin,” and “Return to Baghdad” are expected to launch within the year; in terms of variety: Actively promote the planning, production, and operation of “The Voice of China”, “No Love”, and “Project C for Charity”. The profit forecast and investment recommendation forecast EPS for 2017-19 was 0.89/1.18/1.49 yuan, respectively, corresponding to PE 29/22/18 times. I am optimistic that the company will gradually release high-quality movies and TV series projects in the future. Give it an “Overweight” rating. Risk indicates that the progress of the film and television project\ ratings\ box office falls short of expectations, and policy supervision risks.