Key investment events: The company announced that the transaction to acquire Ingram Micro has been reviewed by the US Foreign Investment Commission. Comment: According to the company's announcement, the company's acquisition of Ingram Micro has completed most of the approval procedures. After passing the review by the US Foreign Investment Commission, there is still one main item left in the approval process: “Foreign exchange registration procedures under foreign direct investment by domestic domestic institutions”, which is expected to be completed within the year of the transaction. It is expected that after the acquisition is completed, HNA Group will use its domestic resources and management experience to help Ingram Micro develop new growth points. Taking into account the situation of Ingram Micro and HNA, we think the future may have the following highlights: 1. Ingram Micro entered the Chinese market in 1997, but the main markets are concentrated in Europe and America, and the localization experience is relatively insufficient. Ingram Micro can use HNA Group's domestic resources and experience to expand the Chinese market; at the same time, Ingram Micro's rich overseas operation experience, huge dealer resources, and mature global supply chain system can help Chinese IT companies “go global” and achieve a win-win situation. 2. Ingram Micro is the main cloud service provider, integrating nearly 5,000 cloud service functions from about 2,000 vendors to promote the cloud service market to 17 countries around the world, covering most service fields. Due to security concerns, Ingram Micro's cloud services have yet to enter the Chinese market. In the future, Tianhai Investment may bring Yingmai's advanced cloud services to the Chinese market. 3. Ingram Micro is the world's leading IT supply chain management company, but in the past, it did not focus on developing supply chain finance business. Small and medium-sized enterprises in China often face financing difficulties. The supply chain finance business has good prospects and huge space for domestic development. HNA Group has a full financial license, which can help Yingmai develop supply chain finance business domestically. According to the acquisition plan, Tianhai invested 6 billion US dollars to acquire Ingram Micro, of which $231 million was compensation for part of the equity incentive plan. Equity incentives for Ingram Micro's management will help Ingram Micro's original business achieve better growth. Valuation and ratings. Assuming that Yingmai achieved net profit of 360 to 450 million US dollars in 16-18, at an exchange rate of 6.8, considering the financial expenses of the acquisition and minority shareholders' rights, it is equivalent to Tianhai's investment of 1.13 billion yuan and 1.55 billion yuan in 17/18. In addition, it is estimated that Tianhai Investment's Sino Joint Guarantee Shares can contribute 120 million yuan to net profit every year. If the acquisition is completed within the year, it is estimated that Tianhai Investment's EPS will be 0.43 or 0.58 yuan in 17-18, corresponding to 21.6 or 16 times PE in 17-18, maintaining the “increase” rating. The company's valuation is cheap, and the future prospects are broad. Investors are advised to strategically lay out. Risk warning. The acquisition process fell short of expectations, IT demand fell sharply, and business development in China fell short of expectations