This report is read as follows:

The company has formed a brand full communication service model with marketing strategy and creative content as the core and traditional communication channels + digital communication channels as channels, benefiting from the promotion of brand awareness of advertisers and the rapid growth dividend of the marketing industry.

Main points of investment:

Cover for the first time, increase the rating, the target price is 101.83 yuan. As a leading integrated marketing communication service provider in China, the company customizes all-round integrated marketing communication services from brand awareness to product experience for customers, and actively arranges digital marketing in an all-round way. After years of industry accumulation, it has formed a brand communication service model with marketing strategy and creative content as the core and traditional communication channels + digital communication channels as channels. Fully benefit from the promotion of brand awareness of advertisers and the rapid growth of the marketing industry dividend. It is estimated that in 2016-2018, EPS 0.81 Plus 1.34 Plus 2.04 yuan, giving the company a target price of 101.83 yuan, covering for the first time and giving an overweight rating.

Integrated marketing is the general trend of the times, digital marketing leads the new direction. With the change of communication pattern brought by new media, the trend of communication and marketing integration is becoming more and more obvious, the boundary of public relations, traditional advertising and digital marketing disappears, and the concept of one-stop integrated marketing has become a trend. At the same time, the progress of digital technology brings the continuous progress of communication means and marketing mode, accuracy and high conversion rate bring digital marketing to become the new direction of advertisers' budget, with the improvement of advertisers' brand awareness and digital technology, it is expected that the public relations and marketing industry will maintain rapid growth in the future.

Create the concept of full communication marketing and actively expand digital marketing. The company is one of the leading professional integrated marketing communication service enterprises in China. By providing customers with one-stop marketing communication services, the company has cultivated high brand awareness and accumulated a large number of high-quality advertiser customers. At the same time, through the active layout of digital marketing with big data as the core, and relying on the advantages of the company's original brand planning and traditional marketing services, the company has formed a full communication service model with the content of marketing strategy and creative planning as the core, traditional and digital as communication channels, so as to provide comprehensive integrated marketing services for advertisers and achieve the promotion of existing advertising stickiness and the development of new business.

Risk hint: market competition and high customer concentration bring some uncertainty.