Investment points: Investment advice: The company is the only listing platform under the Guangzhou Light Industry Group, and the characteristics of large groups and small companies are obvious; its Qihua Network is the largest chemical electronic trading platform in China. With the sharp increase in the scale of platform transactions, the company has great potential to expand upstream and downstream of the supply chain. Maintain the company's 2015-2017 EPS: 0.26/0.49/0.64 yuan. Considering the accelerated reform of state-owned enterprises and the high growth of e-commerce platforms, the company was given PE80X in 2015, raised the target price to 20.8 yuan, and maintained the “increase in holdings” rating. The progress of reform of large groups and small companies and state-owned enterprises is speeding up, and expectations for asset consolidation have been strengthened. Guangzhou Light Industry Group had revenue of nearly 40 billion yuan in 2014 and profits of more than 1 billion yuan; it has assets such as cosmetics, sports, jewelry, lighting, food, import and export trade; it owns famous brands such as Langqi, Pisces, Heimei, and Wuyang Watch; Guangzhou Langqi is the only listing platform under the group. The short-term goal of Guangzhou's state-owned enterprise reform is that by 2016, Guangzhou's competitive state-owned capital securitization rate will reach more than 50%, and major headquarters enterprises will go public as a whole or hold at least one listed company. As the time point for the reform of local state-owned enterprises approaches, the company's expectations as a platform for asset integration have strengthened. Chemical trading platforms are growing rapidly, and there is huge room for value in digging deeper into the supply chain. Qihua Network, a subsidiary of the company's subsidiary Qihua Chemical Trading Center, is the largest chemical spot electronic trading platform in China, providing one-stop services such as transaction matching, warehousing and logistics, and trade financing for the procurement of chemical raw materials for small and medium-sized enterprises. Qihua Chemical Trading Center achieved revenue of 1.17 billion yuan in 2014; from January to April 2015, sales of e-commerce platforms under the Light Industry Group increased by 185% year-on-year. We believe that beneficiary countries are strongly supporting the development of Internet+, and the scale of Qihua.com transactions is expected to continue to grow rapidly. In the future, the company is expected to use this to dig deeper into the upstream and downstream value of the chemical supply chain and open up space for transformation. Risk warning: State-owned enterprise reforms have fallen short of expectations; raw material prices have fluctuated greatly.