The company disclosed its 2012 report. In 2012, the company achieved operating income of 1,386 billion yuan, an increase of 35.19% over the previous year; net profit attributable to shareholders of listed companies was 32.8241 million yuan, an increase of 76.38% over the previous year, net profit after deduction of 15.3631 million yuan, an increase of 215.78%; and earnings per share of 0.11 yuan. Revenue and performance both grew faster than we expected. In addition, the company plans to pay 0.70 yuan in dividends for every 10 shares, accounting for 65.56% of the net profit attributable to shareholders of listed companies. Profit forecasts and investment advice. After 12 years of cross-domain transformation and resource integration, the company's main logistics business based on the land transportation center project has basically taken shape. The business model of the project is in line with the economic development trend of the platform and the country's economic transformation requirements, as well as 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 turned a loss into a profit in 2012. Changjiang Investment is now at an inflection point in its operations. We expect the company's operating revenue for 2013-2015 to be 1,641 million yuan, 1,876 billion yuan and 2,265 billion yuan, respectively, up 18.35%, 14.34% and 20.73%, respectively; net profit attributable to shareholders of listed companies was 46.0795 million yuan, 67.657 million yuan and 873.8862 million yuan, up 40.38%, 47.50% and 28.57%, respectively; the company's EPS in 2013-2015 was 0.15 yuan, 0.22 yuan, 0.28 yuan, and the three-year compound growth rate was At 38.60%, we gave the company a target price of 5.70 yuan according to 38 times PE in 2013. The company is smoothly shifting from traditional logistics services to model innovation in platform economy services, and the business model continues to improve. The company's regular profitability and quality are expected to continue to improve in the future, and we maintain 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.