The incident company announced a restructuring plan on July 8. It plans to issue shares and pay cash to acquire 100% of the shares of the three companies listed on the New Third Board. The issue price is 10.67 yuan/share, and the number of shares issued is 77.83 million shares, with a total price of 1.104 billion yuan. At the same time, it will raise no more than 580 million yuan in supporting capital from four investors, including the holding stock East and West Travel Group, of which 356 million yuan will be used to pay cash consideration, and the rest will be used to invest in capital projects under construction by the target company. After the transaction was completed, the controlling shareholder of the company remained Western Travel Group (shareholding increased to 29.96%), and the actual controller of the subject matter of the transaction became the company's second shareholder (holding 15.69% of shares). Listed on the new third board in 2015, the trio to create the first campus media company, is mainly engaged in campus all-media advertising business, campus public relations event service business, and Internet product development and technical services. It has established long-term friendly cooperative relationships with nearly 900 well-known universities across the country. Currently, the main business includes: ① campus all-media advertising business; ② campus PR campaign marketing services; ③ Internet product development and technical services. The main business is an asset-light model, which focuses on providing services to customers, and the revenue model is also mainly based on service fees. The two main industries of tourism and cultural communication went hand in hand, and the small market capitalization corresponded to greater elasticity ① Growth in the main business was weak, and performance increased significantly after the transaction was completed. After the acquisition is completed, the three-person advertising business will be incorporated into the company's main business to achieve a collaborative development model of tourism+cultural communication and ensure the company's continued profitability. Based on the 15-year profit calculation of the trio, the company's performance is expected to increase by about 2.01 times after the acquisition is completed; ② Actively embrace “Internet +” and make effective use of integrated marketing strategies. In the context of the company's vigorous promotion of the “Internet +” strategy, the company is expected to use the marketing and promotion advantages accumulated by the acquisition of the trio to quickly achieve integrated marketing of tourism resources, driving the brand influence of hotels and travel agencies to further increase. ③ The fund-raising project is to promote the trio to achieve leapfrog development. After this transaction, the three-person financial problem will be effectively solved, management efficiency will be improved, and the market competitiveness of the digitally integrated marketing business will increase; ④ The reform of state-owned enterprises is progressing steadily, and asset injection expectations are heating up. After the acquisition is completed, Sanxingang will become the second largest shareholder, and the company is one step closer to achieving mixed reform. Furthermore, the Western Travel Group has superior travel assets. Currently, the market value of listed companies is only 3 billion dollars. It is hoped that the group will inject more assets into the listing platform in order to expand. First coverage, the “increase in holdings” rating was given. Currently, the company's market capitalization is only 3 billion dollars, and there is huge room for improvement (state-owned enterprise reform catalytics+resource integration expectations). If we consider this additional distribution, we expect the diluted EPS in 16-18 to be 0.06/0.11/0.18 yuan, and the corresponding PE is 236x, 129x, and 79x. The valuation is more reasonable than before. It was covered for the first time, and a “increase in holdings” rating was given. Risk indicates that the fixed increase has not progressed as expected, and there is a risk of impairment of goodwill after the acquisition