Guide to this report: Rong Sheng has a strong will to transform ultra-micro finance. Recently, he has made efforts in the layout of leasing companies, securities companies, and commodity trading centers. The financial control landscape is beginning to take shape. It is expected that with talented people in place, the company's financial control path will be more worth looking forward to in the future. Key investment points: The first coverage gives an “gain” rating, and the target price is 31.03 yuan. The majority shareholders of the company are actively promoting financial control transformation. With the implementation of leasing and joint venture brokerage licenses, future performance growth can be expected. Considering the increase in the company's capital strength after a fixed increase, the traditional main business is expected to bottom out. We expect the company's main business EPS to be 0.05 yuan, 0.09 yuan, and 0.13 yuan respectively in 2015-2017. Referring to the market value level of similar financial control transformation targets, the company was given a target market value of 10 billion yuan after a fixed increase, corresponding to the target price of 31.03 yuan, which was covered for the first time and a “increase in holdings” rating was given. The actual controller changed to promote the transformation of the company's financial control. Xianfeng Mining became a major shareholder of the company in 2014 and has a strong desire to promote the transformation of the company's financial control. The company plans to establish financial leasing companies and joint venture brokerage firms to enter the rapidly developing leasing industry and securities industry to transform the company's business. The license is expected to land, and the financial control landscape is beginning to take shape. Judging from the business development history of the majority shareholders in the past, the actual controller has a strong ability to obtain resources, and the implementation of relevant financial licenses can be expected. As the company gradually laid out leasing, brokerage, and commodity trading centers, the company's financial control layout began to take shape. The financial business is expected to become an important source of profit for the company and have a synergy effect with the company's original business, and future growth in the company's performance can be expected. Talented people can be expected to join, and the prospects for transformation are bright. Judging from past experience, the majority shareholders of the company not only have a strong ability to obtain resources, but also have a strong ability to integrate talents. Improving the company's operating capacity by attracting industry experts to join has been tried and tested again and again. We believe that the company's future financial business is expected to develop by leaps and bounds by attracting talents, and the prospects for transformation are bright. Risk Warning: New entry into the industry, approval risk of setting up a joint venture brokerage firm