The main investment company is a leading integrated coal and electricity transportation enterprise in Anhui. Wanjiang Logistics was formed by the strategic restructuring of Huainan Mining “Wuhu Port”. Currently, the controlling shareholder is Huainan Mining, the actual controller is the Anhui Provincial State-owned Assets Administration Commission, and the controlling shareholder holds 56.85% of the shares. The company has experienced three major events in the past six years. The company originally relied on Wuhu Port for port business. In 2010, Huainan Mining joined the company, bringing in railway transportation and logistics trade business. In 2015, Huai Mine Logistics, a wholly-owned subsidiary, went bankrupt and reorganized. The company divested Huai Mining Logistics, and the scale of logistics trade business was drastically reduced, causing a loss of 2.8 billion dollars in that year. In 2016, Huainan Mining, the controlling shareholder, expanded its power and energy business by injecting three thermal power companies to maintain the company's stability. The main business of electric energy, railway transportation, and port operations is stable, and logistics provides growth points. After several asset restructurings, the company currently has three main businesses. Among them, the electric energy and railway transportation businesses are the company's main sources of profit, and it is expected to maintain steady growth. Relying on the three main business bases, the resource advantages of major shareholders, and the local manufacturing base of Wuhu, the company is expected to have a lot of room for expansion in integrated logistics. The reform of state-owned enterprises in Anhui is expected to bring new opportunities. Anhui is actively promoting the reform of state-owned enterprises. Overall listing is one of the priorities. According to the company announcement, the Anhui provincial government proposed that the State Assets Administration Commission guide the overall listing of Huainan Mining, and Huainan Mining also intends to use the company as a platform for its main business assets to enter the capital market. If the reform of state-owned enterprises in Anhui progresses, the company is expected to usher in new development opportunities. Earnings forecasts and ratings. The company's net profit for 2016-2018 is estimated to be 5.5, 600, and 650 million yuan, equivalent to EPS of 0.14, 0.15, and 0.17 yuan, corresponding to PE of 34, 31, 28 times, and PB of 2.4 times, giving the company an “increase in holdings” rating. Risk warning. China's economy deteriorated, demand for thermal power declined sharply, and the reform process of state-owned enterprises in Anhui was slow