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　　 Changjiang Securities Xiao Lele

1. The company recently announced that it has received three subsidies, namely the central special fund for cultural industry development, the guiding fund for cultural industry and the guiding fund for cultural development, totaling 24.1 million yuan, and has received similar subsidies totaling 44.1149 million yuan throughout the year.

2. The company recently announced that it plans to change the original project of raising funds - publishing creative planning project to purchase part of the equity of Zhongnan Boji Tianjuan Culture Media Co., Ltd. and increase the capital; It is proposed to change the construction content, implementation subject and use scale of raised funds of the original raised investment project digital resources full screen service platform project, and invest the raised funds of the original project of 143.2 million yuan (plus the interest generated of 146.3 million yuan) in the changed digital resources full screen service platform project, accounting for 3.47% of the net raised funds.

The special funds will increase the company's performance. It is estimated that the three announced subsidies of 24.1 million yuan will increase EPS by 0.013 yuan; If we add similar subsidies obtained before this year, the total amount is 4411.49 yuan, with an increase of EPS 0.025 yuan, which amounts to 5.5% of the net profit in 2011, which has a certain impact on the performance.

The funding highlights the support of the central and local governments for the company. The central special fund for cultural industry development has allocated 18 million yuan to support the company's national e-bag application and demonstration project; The cultural industry guiding fund and the cultural cause development guiding fund respectively allocated 5.6 million yuan and 0.5 million yuan to support the development of the company and its subsidiary Hunan Literature and Art Publishing House.

The acquisition of Zhongnan Bojitianjuan shows that the company has made breakthroughs in cross regional and cross ownership mergers and acquisitions, and strengthened its resource integration ability. Zhongnan Bojitianjuan is a high-quality private book planning and distribution enterprise located in Tianjin. After integration, it will significantly strengthen the company's strength in general books and influence outside Hunan Province, which will help the company achieve the goal of improving the integration ability of excellent publishing resources faster.

The new digital resources full screen service platform project emphasizes more on the basis of advantageous regions and digital publishing business. Huawei's investment has also injected technical support and operator resources into the company. The previous fundraising projects are expected to build a full industrial chain covering all screens, including digital content such as video and music. However, the company has no first mover advantage in this regard. We believe that the project transformation is more in line with the company's positioning and can better use the company's advantageous resources.

Investment suggestion: We temporarily maintain the prediction that the company's EPS will be 0.54 yuan, 0.63 yuan and 0.73 yuan in 2012, 2013 and 2014, respectively. The current share price corresponds to 16 times, 13 times and 12 times of PE in 2012, 2013 and 2014, respectively, maintaining the "recommended" rating.

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