Key investment events: The company plans to acquire 70% of the shares of Yijia Crystal Vision. Comment: Additional acquisition of Yijia Crystal TV and layout of elevator media. 1) The company plans to purchase 70% of the total shares held by Gu Yuzhou (0.70%) and Wu Yuan Huijin (69.30%) by issuing shares and paying cash. The total consideration for the underlying assets is 924 million yuan, of which 55% of shares and 45% of the cash consideration ratio; 2) Gu Yuzhou and Wuyuan Huijin promise that the net profit for 2017/18/19 will not be less than 1.1/1.32 billion yuan, respectively; 3) Of these, the assets purchased by issuing shares are to issue 1815 million shares to Gu Yuzhou and Wuyuan Huijin, with supporting capital of 1815 million shares. The total amount is no more than 446 million yuan, and it is proposed to issue no more than 25.6 million shares. Yijia Crystal Vision focuses on high-end buildings, with more than 12,000 media outlets covering 30 cities. 1) The company's main business is the development and operation of video media for commercial buildings, focusing on high-end building media; 2) On June 30, 2017, Yijia Crystal Vision already had a total of 12,739 private locations in 30 cities across the country; 3) it has a total of 2,159 self-owned locations, and 10,580 agency locations in 28 cities other than Chongqing and Chengdu. Profit forecasting and ratings. Considering targeted increases, the company's net profit for 2017/18/19 was 1.24/1.65/200 million yuan, and the fully diluted EPS was 0.72/0.96/1.64 yuan, corresponding to 44/33/27 times the current stock price (without considering targeted increases in the report, its EPS was 0.11/0.26/0.33 yuan, and PE was 297/125/100 times). An Chang Investment focuses on media investment in the primary market. The continued development of new media is worth looking forward to, and maintains an “gain” rating. Risk warning: M&A falls short of expectations; industry policy risk.