Company Overview: Gravity Media Co., Ltd. (hereinafter referred to as “Gravity Media”) is a customer-service-oriented advertising listed company established by Beijing Gravity Guanghua International Advertising Co., Ltd. as a whole. The company started as a media agency and followed industry trends, moving from investing in variety shows to content marketing business. After 11 years of development, the company has accumulated stable and rich customer resources, opened up TV and online media throughout the country, and can meet the one-stop integrated marketing needs of advertisers. Investment logic: Gravity Media was listed on the Shanghai Stock Exchange in May 2015, and since its listing, it has actively laid out the content marketing industry chain. After integrating resources and testing the waters of variety in 2015, the company will usher in a full explosion of works and performance in 2016. The company-sponsored variety show “I Can See Your Voice” will hit Jiangsu TV on March 27. The program is quoted from a well-known Korean IP. It has been broadcast for two seasons in South Korea, and the ratings are still high. The Chinese version of “I See Your Voice” has a rich and interesting program, and the addition of celebrities made the program even more popular before it aired. Beginning in the second quarter, TV variety shows and online variety shows invested by the company will be listed on various TV channels and online platforms one after another, so it can be said that there are many highlights. In terms of capital operations, the company will continue to lay out content marketing and digital marketing, and continuously improve the industrial chain layout through external mergers and acquisitions. We believe that the company is currently in a critical stage of business optimization and upgrading, and that there will be substantial growth in the future. Investment suggestions: The company's total operating income for 2015-2017 is estimated to be 1,852 billion yuan, 2,315 billion yuan and 2,778 billion yuan, up 30%, 25% and 20% year on year; net profit attributable to listed companies is 26.04 million yuan, 68.47 million yuan and 99.03 million yuan, up -48.15%, 162.97% and 44.63% year on year. Earnings per share for 2015-2017 are expected to be 0.20 yuan, 0.51 yuan, and 0.74 yuan. According to the current stock price of 42.52 yuan (2016/3/25), the corresponding P/E is 218 times, 83 times, and 57 times, respectively. It was covered for the first time, and a “accumulation of holdings” rating was given. Risk warning: policy risk, market competition risk.