For the first time, coverage gave an increase in holdings rating, with a target price of 15.4 yuan. Currently, although the market expects that the company's resumption of trading will follow the industry to make up for growth, many people still have great doubts about the company based on the fact that the company's performance after listing fell short of expectations. We judge that 2015 is a year of accelerated implementation of Internet finance. The company plans to acquire Xiangcai Securities to enter the Internet brokerage industry. If successful, we believe that the company's profitability will change qualitatively. Considering the uncertainty of the acquisition, we are not considering the impact of the acquisition on the company's performance. We conservatively estimate the company's net profit for 2014-16 to be 339 million, 75 million yuan, and 102 million yuan respectively, and the corresponding EPS is 0.17 yuan, 0.04 yuan, and 0.05 yuan respectively. Considering the valuation level of the industry, the company was given 220 times PE in 2015, and the corresponding target price was 15.4 yuan. For the first time, coverage was given an increase in holdings rating. The company plans to acquire Xiangcai Securities, and the first domestic Internet brokerage firm is ready to launch. On July 19, 2014, the company announced that trading was suspended, and on August 13, the company announced that it would acquire 100% of the shares of Xiangcai Securities. Prior to that, the company had already gathered a large number of stock trading users through the Big Intelligence Financial Market Trading Platform. After acquiring Xiangcai Securities, it could quickly carry out various types of brokerage business, such as brokerage business, securities financing, fund sales, asset management, self-management, investment banking, etc. It is expected that there will be a huge breakthrough in the transformation of Internet financial traffic. The stock market is improving, and internet brokerage firms will benefit greatly. According to information disclosed by the company, as of June 30, 2014, Xiangcai Securities had revenue of 531 million yuan and net profit of 197 million yuan. Considering that the stock market has continued to improve recently, we expect the annual net profit level of Xiangcai Securities to exceed 500 million yuan. After the company promotes the Internet brokerage business, it is expected that its performance will explode. Catalyst: Internet brokerage license implementation risk factors: 1. The acquisition of Xiangcai Securities failed; 2. The progress of the new business fell short of expectations.