Summary:

At present, the company's main business is actively transformed and upgraded, and a number of innovative businesses are progressing smoothly, building a "trade + finance" dual platform.

The "trade" business is mainly divided into three parts: import and export business, export manufacturing business and bulk domestic trade. In 2016, the transaction volume of B2B market in China's export cross-border e-commerce is expected to reach 4.48 trillion yuan, an increase of 25% over the same period last year. The export B2B e-commerce model is the electronization of the traditional export trade process, and it will still be the mainstream at present and in the future. therefore, we are optimistic about the market prospect of transforming individual stocks into cross-border e-commerce. In addition, the company's traditional textile and clothing foreign trade business will also benefit from the general trend of RMB internationalization in the next few years, and the potential of the traditional trade sector to transform cross-border e-commerce is underestimated by the market.

In the "financial" business, financial investment is a strategic emerging industry focused on by the company, which has three core business sectors: asset management, financial leasing and industrial and financial investment. it strategically holds shares in domestic financial institutions such as Yongan Futures, Guangfa Bank, Huaan Securities and Silicon Valley Paradise, and cooperates with professional institutions to participate in the management and investment of many fund projects.

Profit forecast: at present, the company's main business is actively transformed and upgraded, and a number of innovative businesses are progressing smoothly, building a "trade + finance" dual platform. We predict that the company's EPS from 2017 to 2019 will be 1.44,1.44 and 1.50 yuan respectively, covering the company's "overweight" rating for the first time.

Risk tips: 1) the progress of business transformation is not as expected; 2) the progress of asset restructuring is not as expected.