Basic conclusion At the beginning of the year, the company plans to introduce external capital through bank financing, issuance of trust plans, convertible bonds, and special fund products in 2013 to expand the scale of direct loan management to HK$1.8 billion. At present, the inflow of external capital has exceeded expectations, and it is estimated that the scale of direct loans will exceed HK$1.8 billion during the year. Exceeded expectations by issuing the first private equity small loan asset securitization in China. At the beginning of July, China Financial Investment, Noah Wealth, and Wanjia Fund jointly signed a strategic cooperation agreement and issued the first private equity small loan asset securitization product in China, with a total scale of 500 million yuan per month. The initial phase raised a total capital of about 120 million yuan at a cost of 11% per year. Later, the company will continue to cooperate with Noah Wealth and other institutions to launch asset securitization products. The SME Development Trust Program was successfully issued. In May, CICC issued a pooled fund trust plan for the development of small and medium-sized enterprises in Huaao with the Huaao Trust. The trust plan has an estimated period of 5 years, and the total fundraising scale is 500 million yuan. Currently, the first phase of 100 million yuan has been raised, and it is planned to continue issuing the second phase during the year. The target customers of this trust product are small and medium-sized enterprises with financing requirements of 10 million or less. It is mainly used to meet their capital requirements for working capital and main business turnover. The maximum loan period is 12 months. The company's ability to cultivate new businesses is outstanding, and the auto finance service business has made breakthrough progress. Currently, the business is mainly targeted at automobile trading markets other than BAIC 4S stores (the annual transaction scale of this market is close to 100 billion dollars), and the on-site operation provides financing guarantees for it. Currently, the new business has been in operation for 2 months, has completed a guarantee balance of 200 million, and the rate is 2.5%-3%, providing additional guaranteed income for the company. It is expected that the scale will continue to grow rapidly in the second half of the year. Later, the company plans to gradually expand the business to 4S stores and direct loan business. The investment proposal raised the company's guaranteed loan size in 2013 to HK$560 million and the assumption that the direct loan scale remained at HK$1.8 billion, thereby slightly increasing the company's profit forecast for 2013. The company's net profit forecast for 2013 is expected to be 292 million and HK$429 million, respectively, with growth rates of 59% and 47%, respectively. The company's current stock price corresponds to 6.64X13PE, 0.95X13PB. Maintain the company's “buy” rating. The target price is 0.78-0.86, corresponding to 8.2-9.1X13PE, 1.2 - 1.3 X13PB.