The company released its 2017 interim report: 1H2017 achieved operating income of 965 million yuan (+18.87%), net profit attributable to shareholders of listed companies of 32 million yuan (+28.55%), net profit of 29 million yuan (+20.24%) after deducting non-return net profit of 29 million yuan (+20.24%), and earnings per share. Actively explore new profit models for road passenger transport. Road line passenger transportation is the company's core business, and it is also the foundation for the company to further expand its tourist passenger transport business. Under the new integrated transportation system, the travel acceptance rate of rail transit and civil aviation in the medium- and long-distance market is gradually rising, and under the adverse influence of the continuous decline in the passenger aggregation capacity of road passenger terminals, the company accurately grasps industry trends and fully explores the profit growth points of the road passenger transport industry around the business philosophy of “integration of stations, four-level networks, e-commerce services, and value creation”. The revenue of 1H2017's road passenger transport sector increased 4.68% year over year. Continue to promote the efficiency growth of the tourism service industry. With the recovery of the tourism market and the strengthening of marketing management in the tourism development business sector, the company's “transport* two dams and one gorge” tourism product market influence is increasing, the product scale has increased dramatically, the number of 1H2017 visitors received increased by about 60% year on year, and travel service revenue increased over the same period of the previous period; in this period, the company's travel transportation company analyzed the market situation in more detail and rationally distributed capacity. The travel transportation market was booming in April and April, and the supply of chartered tours increased 26.90% over the previous period. Accelerate the development of the modern logistics service industry. The company's subsidiary Tianyuan Logistics Company's steel contract procurement business has increased dramatically after two years of incubation. At the same time, with the construction and operation of Tianyuan Logistics Company's warehouse No. 16, its annex, and warehouse No. 17, the company's income from other businesses such as housing leasing also increased to a certain extent. The revenue of 1H2017 Tianyuan Logistics Company increased by 174 million yuan over the same period last year, a significant increase. Investment advice: We are optimistic about the company's industrial restructuring and transformation and upgrading. We expect EPS from 2017 to 2018 to be 0.50 yuan and 0.63 yuan respectively, giving an investment rating of “increased holdings-A”. The target price for 6 months is 20.00 yuan, which is equivalent to the dynamic price-earnings ratio of 40x in 2017. Risk warning: The economy has declined sharply, new business development has fallen short of expectations, etc.