Yongda Auto used Yangzi New Materials to complete the A-share listing, and A-share car dealers added another excellent company. We believe that the company has excellent car dealership management capabilities, and that future business development in the fields of automotive after-sales service, auto finance, and used cars is worth focusing on. For the first time, an investment rating of “Prudent Recommendation - A” has been given. A leading dealer company. The company has ranked in the top 8 for 3 consecutive years. It is a leading regional dealer enterprise, mainly deals in luxury brands, and has excellent management capabilities and 4S dealer operation capabilities. In 2015, it ranked 6th in terms of revenue, achieving sales of 134,400 vehicles; it has 195 outlets, including 183 outlets that have been built and opened, and 12 outlets that have been authorized to open, forming a national service network layout; the company focuses on the management of luxury and ultra-luxury car brands, and already has a brand portfolio including BMW, Mini, Audi, Porsche, Jaguar, Land Rover, Infiniti, Cadillac, Volvo, etc. The company's strategy focuses on economically developed regions such as East China. Judging from the number of operating outlets and sales conditions, the company is in a leading position in East China. The company is one of BMW's largest car dealership groups in China. It is planned to carry out an industrial investment development strategy, consolidate the company's leading position in the industry by going hand in hand with industry and capital, and continue to promote the service system that lays out various online and offline channel business formats. The company relies on channel advantages to vigorously develop retail used car business. 1. Professional certification: The company introduced Yongda certified used car standards; 2. Build a brand chain business pattern; 3. Develop channels: connect with strong Internet marketing channels such as Easy Car, Tmall, etc.; 4. Build an e-commerce platform: Through reaching strategic automobile Internet cooperation with Easy Car and YouxinBao, the company was jointly invested in forming a company. New energy vehicle business: The company has reached strategic cooperation with Foxconn and China Telecom, and has obtained new energy vehicle agents for three mainstream domestic new energy vehicle brands and five mainstream automobile brands. Currently, it has set up BAIC brand and Qibao Jianghuai brand new energy vehicle 4S stores on Hutai Road in Shanghai. For the first time, an investment rating of “Prudent Recommendation - A” was given. We are optimistic that the company will adhere to the luxury car brand line, its national expansion, and the integration of online and offline. Excluding ancillary financing, the estimated earnings per share were 0.53 yuan in '16 and 0.68 yuan in '17. The PE and PB corresponding to '16 were 24.9 and 5.2 respectively, giving a “Prudent Recommendation-A” investment rating for the first time; Risk warning: Automobile sales fell short of expectations.