Company profile: As a leading B2B e-commerce information platform in China, the company has professional websites in industries such as China Chemical Network, Global Chemical Network, China Textile Network, and Pharmaceutical Network. It pioneered a new e-commerce model of “small portal+alliance” and engaged in comprehensive e-commerce operations. The company's data service provider, Business Club, has carried out long-term spot market tracking and analysis of nearly 500 commodities, including the eight major industries of energy, chemicals, plastics, non-ferrous, steel, textiles, building materials, and agriculture. The data has great influence in the fields of production, trading, distribution, and finance of corresponding products. Eight years have sharpened a sword, and the commodity e-commerce trading platform has been continuously improved: since the company went public for 8 years, it has been committed to building a vertically integrated B2B closed-loop e-commerce trading platform. From information aggregation to transaction matching, payment, financing, and logistics, the company's layout is forward-looking and tight. After years of hard work and unremitting construction, the company's commodity e-commerce trading platform has been continuously improved, and it is expected that it will be officially put into operation and launch in the future. The accumulation of customer resources, industry data, and industry knowledge for more than 10 years has created an extremely high barrier: the commodity e-commerce trading platform that the company needs to develop in the future. In particular, the chemical e-commerce transaction has the characteristics of a long industrial chain and many categories, making it more difficult to build a platform. Most chemical producers produce few products, and are unable or unwilling to build a comprehensive commodity trading platform. However, the accumulation of customer resources and industry resources for third party companies to build such platforms is extremely high. Front-end e-commerce transactions, back-end monetization such as Internet finance: After the launch of future commodity trading platforms, we estimate that in the future, the transaction process may adopt relatively low handling fees or even free methods, and introduce Internet financial services and warehousing and logistics links in the payment, financing, etc., to achieve monetization. Netsheng Finance, an Internet financial service platform owned by the company, has been in operation for almost a year. It has accumulated practical experience in the fields of customer accumulation, financial institution cooperation, and business model design, and is expected to seamlessly connect to e-commerce trading platforms in the future. Valuation and ratings: The 2014-2015 EPS is expected to be 0.21, 0.26, and 0.33 yuan. The current stock price corresponds to PE 137 times in 2015. Comparing the market value and valuation level of Shanghai Steel Union, there is still a lot of room for the company's stock price. We covered it for the first time and gave an increase in holdings rating. The target price is 45 yuan, corresponding to a market value of 9.5 billion yuan. Risk warning: Third-party payment licenses have been acquired more slowly than expected; the launch of platforms has been slower than expected.