For the first time, coverage was given an “increase in holdings” rating, with a target price of 31.03 yuan. The majority shareholders of the company are actively promoting the transformation of financial control. With the implementation of leasing and joint venture brokerage licenses, future performance growth can be expected. Considering the increase in the company's capital strength after a fixed increase, the traditional main business is expected to bottom out. We expect the company's main business to have an EPS of 0.05 yuan, 0.09 yuan, and 0.13 yuan respectively in 2015-2017. Referring to the market capitalization level of similar financial control transformation targets, the company was given a target market value of 10 billion yuan after a fixed increase, corresponding to the target price of 31.03 yuan, covering the “increase in holdings” rating for the first time. The actual controller changed to promote the transformation of the company's financial control. Xianfeng Mining became a major shareholder of the company in 2014, and there is a strong desire to promote the transformation of the company's financial control. The company plans to establish financial leasing companies and joint venture brokerage firms, enter the rapidly developing leasing industry and securities industry, and realize the transformation of the company's business. The license plate can be expected to be implemented, and the financial control landscape is beginning to take shape. Judging from the business development history of the majority shareholders in the past, the actual controller has a strong ability to acquire resources, and the relevant financial licenses can be expected to be implemented. As the company gradually lays out leasing, brokerage firms, and commodity trading centers, the company's financial control landscape is beginning to take shape. The financial business is expected to become an important source of profit for the company and have a synergistic effect with the company's original business, so the company's performance can be expected to grow in the future. Talented people can be expected to join, and the prospects for transformation are bright. Judging from past experience, the majority shareholders of the company not only have a strong ability to acquire resources, but also have a strong ability to integrate talents. Enhancing the company's operational capabilities by attracting industry experts to join has been tested over and over again. We believe that the company's future financial business is expected to develop by leaps and bounds by attracting talents, and the prospects for transformation are bright. Risk Reminder: Operating Risks in New Entering Industries, and Approval Risks of Establishing Joint Venture Brokerage Firms