For the first time, coverage was given an “increase in holdings” rating. We expect the company's 2014-2016 EPS to be 0.08 yuan, 0.26 yuan, and 0.49 yuan respectively, giving a target price of 14.33 yuan, which is 31% of the current stock price. Future stock price stimulators include: a sharp improvement in the company's main business profit during the reporting period; progress in state-owned enterprise reform and increased integration expectations; and a sharp increase in e-commerce platform flows for chemical trade. Guangzhou has become the frontier of state-owned enterprise reform. The company is the only listing platform under the Guangzhou Light Industry Group, and there are expectations of asset consolidation. The Light Industry Group mainly has assets such as Pisces Sporting Goods, Eagle Money Health Food, Heimei Toothpaste, Wuyang Watch, and Lighting. Referring to asset integration paths such as Guangzhou Automobile Group, Baiyunshan, Guangzhou Friendship, and Oriental Hotel, the company has asset consolidation and overall listing expectations. At the same time, the introduction of Guangzhou Guofa (Guangzhou Investment Management Platform) and the implementation of employee shareholding are expected to improve the incentive mechanism and achieve breakthroughs in other fields. Qihua.com has become an e-commerce platform for the company's chemical trade. The company is the largest shareholder of Qihua Network, with a shareholding ratio of 35% and actual control. Qihua Network mainly provides electronic trading services for chemical products in stock. Currently, it mainly targets the long-tail market for procurement by small and medium-sized enterprises. 2014H1, a subsidiary, achieved revenue of 219 million yuan. Main business profits have improved, and 2 billion dollars of land have raised the margin of safety. The upstream raw materials for the company's washing products are crude oil and palm oil. The sharp decline in the price of chemical raw materials will be reflected in a delayed increase in the company's profitability. We expect the company's ROE level to rise from the current 2-3% to 10-15%. We estimate that the monetization value of the company's land assets is 2 billion yuan. On the one hand, it has raised the margin of safety of valuation, and on the other hand, it has provided sufficient capital for the company's development. Risk factors: The state-owned enterprise reform process fell short of expectations.