Key investment events: On April 25, 2017, Good Night Pass Holdings announced that it signed an “Equity Transfer Agreement” with shareholders Zhao Jie, Sun Yongfu, Lang Xipeng, and Jin Xiaofu of Beijing Antie Supply Chain Management Co., Ltd., to transfer 30% of its Beijing Antie shares (Beijing Antie registered capital of 50 million yuan) at a total price of 15 million yuan. After the share acquisition is completed, the company will hold 30% of Antie's shares. , Comment: Beijing Antetsu is mainly engaged in integrated logistics services for railway containers. Beijing Antie Supply Chain Management Co., Ltd. was established on May 13, 2016. The first four shareholders of the acquisition, Zhao Jie, Sun Yongfu, Lang Xipeng, and Jin Xiaofu held 70%, 20%, 5%, and 5% of the shares respectively. After the acquisition was completed, they held 49%, 14%, 3.5%, and 3.5% of the shares, respectively, and Antong Holdings held 30% of the shares. Beijing Antetsu is mainly engaged in comprehensive logistics services for railway containers, with revenue of 8.34 million yuan in 2016, net profit of 360,000 yuan, and net assets of 20.36 million yuan. Beijing Railway is in its infancy, but the main shareholders come from the railway system. They have professional advantages and resource advantages in railways, which will help enhance Antong's competitiveness in the multimodal railway sector. Railways are an important part of multimodal transport, and they have also been a shortcoming of multimodal transport. Combined with railway reforms, multimodal transport has ushered in development opportunities. Container multimodal transport can improve transportation efficiency and reduce logistics costs. It is the development direction of modern logistics. Among them, railways are an important part of multimodal transport, and they have also been a shortcoming of multimodal transport. The containerization rate for railway transportation is only about 3%. At present, 1) the government has vigorously promoted the development of multimodal transport. In January 2017, 18 departments including the Ministry of Transport jointly issued the “Notice on Further Encouraging the Development of Multimodal Transport” to vigorously promote the development of multimodal transport; 2) Surplus railway freight capacity; 3) Increased road costs affected by excessive control; 4) Railway mixed reform has brought new opportunities. It is expected that railway shortcomings will soon be broken through, and multimodal transport ushered in development opportunities. Acquired a portion of Beijing Antetsu's shares to accelerate the layout of the multimodal railway link. In the 2016 report, the company proposed “In 2017, we plan to increase the collaborative operation of integrated waterways, railways, and road transport resources to expand, refine, and strengthen the main container logistics business. The company acquired a portion of Beijing Antie's shares, further complementing the layout of sea-rail intermodal transport, helping to improve the company's logistics network and enhance market competitiveness. We are only one step in the company's accelerated development of the multimodal transport business. In the future, we can see the company's continued layout in the railway and highway fields, which will bring continuous growth to the company. Profit forecast and rating: Multimodal transport has broad prospects. Currently, it is ushering in development opportunities. As a leading private multimodal transport enterprise, the company will clearly benefit, and there is huge room for growth. The company's performance in the first quarter continued to grow at a high rate, large-scale leasing of containers, and the current acquisition of some shares in Beijing Antie all showed that the company was growing at an accelerated pace. Driven by railway reform, the company is expected to integrate railway transportation into its own logistics network, gain scale and cost advantages, and establish barriers. The acquisition of part of Beijing Antetsu's shares is one step. The company's EPS for 2017-2019 is expected to be 0.49, 0.62, and 0.78 yuan, corresponding to PE of 34, 27, and 22 times. It maintains an “increase” rating. It is strategically optimistic about the company's ability to integrate railways, highways, and waterways, as well as the direction of major development of multimodal transport. Investors are advised to increase their allocation. Risk warning: Domestic trade demand has declined sharply, and multimodal transport development falls short of expectations