Successfully transforming the cultural industry, the “film+sports” dual-wheel drive company began a gradual transformation into the cultural industry in 2014, acquiring high-vision media and a double-edged sword to achieve “movie+sports” two-wheel drive development. After that, it acquired Nice International, held Hanwei Sports, founded **** Sports, and participated in Wuhan Contemporary Mingcheng Football Club Management Co., Ltd., and initially established a closed loop of industry chains including national fitness center operation, sports training, sports brokerage, sports marketing, and club management and operation. The acquisition of New England Cayman in July 2017 officially entered the field of sports copyright, and clarified the long-term development strategy of “building an integrated operation platform for the global cultural industry”. The sports industry is booming. By 2025, the total size of the sports industry in China will exceed 5 trillion yuan. According to the plan, the compound annual growth rate for the next 7 years is expected to be 11.1%. The share of the sports service industry still needs to increase, and the industrial structure needs to be improved. The state has introduced a series of policies, consumption upgrades, increased demand, and capital support, and the sports industry is showing a booming trend. The sports industry continues to develop. It is a leading sports marketing service enterprise in China, digging deep into international sports resources and providing professional marketing services; Xinying Sports is a high-quality copyright content provider and operator. Currently, it holds media interests in La Liga, AFC and UEFA related events, has a diversified business model, and a stable customer structure and management structure. Film and television dramas concentrate on content, focus on winning with quality, and strengthen review and control. The year-end phenomenal drama “Celebrate the Year After”, in which the company participated, is currently being screened on the Internet. Investment recommendations and profit forecasts The scale of the sports industry continues to grow, national policies are actively leading, and the competition boom is being promoted one after another. Consumption upgrades and capital help drive the industry to develop rapidly. The company's “Film+Sports” is driven by two wheels, acquires Xinying Sports, a leading sports copyright leader, and also has content production and integrated marketing capabilities, a core team and high-quality channel resources, and diversified business models and monetization models; the double-edged sword is a leading domestic sports marketing enterprise, and also lays out various fields of stadiums, sports training, and club management; movies and TV dramas concentrate on content, control and review, and the company participated in the hit drama “Celebrate the Year After” at the end of the year, enjoying a 15% revenue share. The company's operating income for 2019-2021 is estimated to be 29.66/32.77/35.89 billion yuan, up 11.14%/10.51%/9.51% year on year, and net profit of 1.83/1.94/208 billion yuan respectively, up 2.83%/6.08%/6.90% year on year. The current stock price corresponding to PE is 41/38/36 times, giving it a target price of 17.78 yuan, giving it a “buy” rating. Risk warning of uncertain risk of obtaining high-end sports copyright, risk of loss of core personnel, risk of customer concentration, risk of TV drama filming progress falling short of expectations, and risk of impairment of goodwill