The company disclosed its 2013/1 quarterly report. In the first quarter, the company's operating income was 403 million yuan, up 115.98% year on year; net profit attributable to parent company after deduction increased 241.77% year over year, excluding EPS of 0.027 yuan. Profit forecasts and investment advice. After 12 years of cross-domain transformation and resource integration, the company relied on the basic formation of its main logistics business based on the land transportation center project. The business model of this project is in line with the economic development trend of the platform and the country's economic transformation requirements and the guiding direction for the development of the logistics industry. After starting in 2005, the 56135.com platform launched in 2008, Tongsheng Group was introduced as a strategic investor in 2011, and the Land Communications Center realized a reversal in losses in 2012. The company is already at an inflection point in its operations. The company's model innovation from traditional logistics services to platform economy services is expected to continue to improve. We expect the company's operating income to increase 18.35%, 14.34%, and 20.73% year on year in 2013-2015; net profit attributable to shareholders of listed companies increased by 40.38%, 47.50%, and 28.57% year on year; corresponding EPS for each year was 0.15 yuan, 0.22 yuan, and 0.28 yuan, respectively, with a compound growth rate of 38.60% for 3 years. According to the 38-times PE in 2013, the company's target price 5.70 yuan (the closing price on April 24 was 5.37 yuan), maintaining an investment rating of “increased holdings”. Risk warning: (1) Competition on online platforms is fierce, and there is a risk that the company's fee standards will be lowered; (2) how to increase the viscosity of small and medium-sized customers is not a small problem; (3) if it is not possible to invest in the development of new BT projects, the company's business sales in this sector will experience large negative fluctuations after the implementation of existing projects is completed.