Revenue growth in the fourth quarter changed from negative to positive, showing signs of recovery. The company achieved revenue of 7.646 billion yuan in 2014, a year-on-year decrease of 1.48%, and net profit of 239 million yuan or EPS = 0.7 yuan, an increase of 7.69% over the previous year, which is basically in line with expectations (our forecast is 0.72 yuan). On a quarterly basis, the revenue for the 2014 Q4 quarter was 2,203 billion yuan, up 5.06% year on year, ending three consecutive quarters of negative growth. Profit increased 4.76% year on year, which is basically in line with revenue growth. Business outlook: State-owned enterprise reform boosts the company's new round of development. The company's stores are showing signs of recovery under transformation measures such as active restructuring to shopping centers and community retail formats. The company's earnings from wealth management products due in the second half of the year were close to 10 million, and it is estimated that there is still room for growth in the earnings of microfinance companies. Guangbai Group, the majority shareholder of Guangbai Co., Ltd., has more than 10 billion property resources and corresponding operating teams in commerce, exhibition and logistics. Under the guiding principles of state-owned securitization, asset restructuring, and expansion and strengthening of local state-owned enterprises in Guangdong Province, it is anticipated that the group's unlisted high-quality assets are likely to inject a large number of shares, optimize resource allocation, enhance the company's competitiveness and profitability, and promote the company's development. Profit forecasts and investment advice. As a leading retail retailer in Guangdong, in the face of an increasingly severe competitive environment, the company actively adjusted its store opening strategy, regrouped the dominant markets in the province, and at the same time actively expanded the microfinance business and began the transformation to connected service tools. In the future, the company will focus on exploring the internal potential of stores, and is expected to grow steadily in revenue and net profit. After Guangzhou Friendship completes a major asset restructuring, expectations for company reform are even stronger. The company is expected to receive high-quality asset injections from the parent company, and competitiveness and profitability will improve. Adjust the company's 15-16 EPS to 0.76 or 0.82 yuan, with a reasonable value of 13 yuan, and maintain the “prudent increase in holdings” rating. Risk Alerts. Terminal retail sales have weakened sharply, and the progress of state-owned enterprise reform has fallen short of expectations;