Matters: On October 6, we researched Business Treasure and learned more about the company's future development plans. Ping An's view: “Business Treasure” + “Business Club” brings traffic to B2B trading platforms. The company is one of the earliest B2B enterprises in China. Its Business Treasure Alliance has a large number of 828 information-interactive websites such as “China Chemical Network” and “China Sanitary Ware Network”. The Business Association provides commodity price data to traders and buyers. By providing the above prices and information services, the company has attracted a large number of customers. Currently, Business Bao has 10 million registered members, Business Club has hundreds of thousands of registered members, and the number of paid members of the company has reached 150,000 to 20,000. The commodity trading platform will soon be launched in Q1 2015. The spot trading, trading capital settlement, medium and long-term trading, financial services, and logistics service systems developed by the company will be launched in the first quarter of 2015, forming a closed loop of transactions around commodity chemicals. The company obtained a guarantee license in August '13 and provided financing services with an amount of 500,000 to 3 million for more than 600 small and medium-sized enterprises in Jiangsu and Zhejiang provinces. Currently, it is actively applying for payment licenses, and will provide online financing services with the United Bank in the future; its subsidiary, Wangsheng Yunze, has participated in the logistics certification system for major suppliers in China. In the future, it will also build a fourth-party logistics platform based on a third-party logistics cooperation agency to provide logistics and transportation for hazardous materials for chemical enterprises and traders; the online trading system will launch 10-20 varieties in the first phase, and will gradually launch the company's existing 300 varieties in the future 。 Diversify profit models and break the ceiling. After implementing online transactions, the company's profit model was enriched to transaction commissions, supply chain finance, interest income from capital deposit, etc. According to the trading volume of futures of 30 billion yuan for a single variety, the spot transaction volume of 6 billion yuan, and the trading commission rate of 0.51111, it is estimated that the commission for the first batch of 10 types of transactions will reach 240 million yuan; since the company has no warehousing and does not do warehouse receipt financing in the short to medium term, the supply chain financial income mainly contributed by accounts receivable and credit financing will reach 240 million yuan; the capital deposit interest on transaction guarantees is expected to be around 67 million yuan. The overall increase in revenue is expected to be 547 million yuan. In view of the explosive performance of the company, it was covered for the first time, and a “recommended” rating was given. The company's EPS for 14-16 is expected to be 0.15, 1.33, and 2.54 yuan, respectively. The current stock prices corresponding to PE are 433 times, 49.5 times, and 25.9 times, respectively. Risk warning: Trading volume falls short of expectations.