“Financial+payment” is driven by two wheels, and financial upstarts are on the rise. Currently, the company is planning to acquire Haike Rongtong to enter the third-party payment business, and the sales process for its main traditional cement business has basically been completed. It is expected that after the acquisition is completed, the company will rely on existing customer resources to provide a full range of financial services, and has great potential for growth in the consumer finance sector. The acquisition of Haike Rongtong obtained a license and is highly collaborative with similar financial businesses. As the first domestic company to obtain a third-party payment license, Haike Rongtong has a license to operate bank card receipt business nationwide. In the future, it is expected to expand the billing business to the company's traditional financial business customers and grasp risk control data through payment portals, thus creating a huge synergy effect with the financial business. Currently, the acquisition is progressing smoothly, and there is a high probability that it will pass successfully. The actual controller, Anhui Supply and Marketing Agency, has a huge advantage and is expected to integrate its related businesses. The company actually controls 1,096 supply and marketing agencies at all levels under the jurisdiction of the Anwei Provincial Supply and Marketing Agency, with a total annual purchase and sales volume of over 500 billion yuan. It has a huge main advantage in the field of rural finance. In the future, the company is expected to continue to use the channel network of the Anhui Supply and Marketing Agency to sink into the rural market. In addition, listed companies are also expected to become an integrated platform for assets under the Anhui Supply and Marketing Agency. The “Trinity” builds a rural consumer finance ecosystem. Under the combination of multiple factors of policy catalysis, rural consumer market development, and changes in farmers' consumption attitudes, rural consumer finance is expected to become the next frontier. Xinli Finance has accumulated extensive experience and customers in the field of financial leasing and small loans; the upcoming payment business will further accumulate farmers' behavior data and improve credit records; at the same time, it will also rely on the background of supply and marketing agencies to position the rural consumption scene. As a result, it is expected that a complete rural consumer finance closed loop ecosystem will be built. Investment ratings and valuations After considering mergers and acquisitions, we expect the company's net profit to be 29,4.45,590 million yuan in 16-18, with a current market value of about 11.7 billion yuan after the increase, corresponding to the 16-18 PE of 42, 28, 21 times, giving it a “recommended” rating. Risks suggest that mergers, acquisitions and restructuring are progressing less than expected.