Key investment points, established companies have not lost their vitality and continue to gain performance growth points. As one of the earliest advertising agencies established in China, Shengguang seized the opportunity of international giants to launch a brand. It has leading advertising planning capabilities and a huge and stable customer base. The compound revenue growth rate in the past three years has reached 30%. Currently, the company is vigorously building a marketing ecosystem platform for the entire industry chain driven by big data technology, forming six major business segments: brand marketing, digital marketing, media marketing, content marketing, scenario marketing, and private media. Each sector integrates and promotes each other, forming a good synergy effect and creating new performance growth points. Actively extend mergers and acquisitions, and firmly lay out digital marketing. Internet advertising has become the main force in advertising growth, accounting for 68% of the scale. Among them, the growth rate of mobile advertising has reached 75.4%. The digital marketing trend has been determined. The company actively carries out outreach mergers and acquisitions to enhance the company's overall marketing service capabilities, complement and enrich the company's integrated marketing communication layout, and enhance its performance. In '17, it plans to acquire 80% of the shares of the precision mobile internet advertising company Shanghai Tuochang. Tuochang owns the Changsi advertising platform and has provided a full range of advertising services to advertisers such as “Clan Wars” and Vipshop, with good results. Big data drives the entire marketing ecosystem and deepens and consolidates platform strategies. 1) Through continuous investment in big data tools, the business continues to integrate and innovate, and is gradually upgraded to a full marketing group driven by big data; 2) Continuously deepening the implementation of the platform strategy, and more than 11 platform companies have launched, and marketing technology innovation and cross-border integration capabilities have been significantly improved; 3) Promoting the construction of the big data marketing platform Digital Nebula Alliance. The first batch of 54 companies joined, including Tencent, IBM, Alibaba, and Today's Headline. The investment proposal combines endogenous and epitaxial performance growth. We expect the company's net profit for 2017-2019 to be 729 million, 849 million, and 980 million, respectively, and diluted EPS of 0.54, 0.63, and 0.73, respectively, corresponding to current stock prices of 19, 16, and 14, respectively. The epitaxial acquisition integrated marketing resources, and for the first time, coverage gave it a “buy” rating. Risks suggest that mergers and acquisitions may face the risk of poor performance, and the corresponding risk of impairment of goodwill; the growth of the advertising industry may face bottlenecks and fierce competition.