Key Investment Points The company achieved a net profit of +48.9% year-on-year in the first quarter of 2019, which greatly exceeded expectations. 1) The company achieved a year-on-year gross revenue of +86.0% to 857 million yuan in the first quarter. This was an increase in Aijian's import and export trade business revenue and consolidated Huarui leasing revenue for the current period, resulting in a significant year-on-year revenue of +191.8% to 382 million yuan. 2) The company achieved net income from handling fees and commissions in the first quarter +19.7% to 358 million yuan), interest income was +280.5% to 117 million yuan, and investment income was +278.8% to 59 million yuan. This is due to the increase in Aijian Trust consolidated financing trust plans, accelerated transformation and active management, and a steady increase in trust return. The increase in trust plan revenue in the current period led to performance growth. 3) The company achieved +48.9% of net profit to mother in the first quarter, which greatly exceeded expectations. We believe that the company's ability to actively manage trusts has improved steadily, maintained high growth (compound net profit growth rate of 22.9% in the past 3 years), combined with the release of leasing and securities performance, and development potential is worth looking forward to. The leasing expansion+securities market is recovering, and the value of the comprehensive financial platform is highlighted: 1) The company transferred 100% of Huarui Leasing's shares at the end of September, and 2018Q4 has contributed 38 million yuan in net profit and is expected to contribute incremental performance in 2019; 2) The company achieved a year-on-year ratio of +764.3% in investment income to joint ventures and joint ventures to 18 million yuan in the first quarter (loss of 50 million yuan in 2018, of which the equity law confirms Aijian Securities's loss of 48 million yuan). We expect Aijian Securities's performance will gradually increase as the market recovers Release. 3) The company has developed a comprehensive layout of financial services such as trusts, securities, financial leasing, asset management and wealth management, and private equity investment (previously announced a subscription of no more than 300 million yuan for Suxin Fund shares). Currently, the efficiency of business resource integration and customer and information resource sharing among subsidiaries continues to improve, and the synergy effect is prominent. The majority shareholders' holdings have continued to increase their confidence, and the deepening of the incentive mechanism has shown results: 1) In 2018, the company successfully fixed an increase (1.7 billion yuan), fully completed the restructuring process, and the majority shareholder Junyao Group continued to increase its holdings (the shareholding ratio was 28.34% as of February 1, 2019), continuously consolidating its controlling position. The company's equity relationship and long-term development strategy have gradually become clear. At the same time, it shows that the majority shareholders highly recognize the company's value. 2) After the company successfully returned to the private sector system, its business philosophy and development strategy were more flexible, and its innovation momentum and capabilities were further enhanced. Market-based incentives attracted a large number of outstanding external teams to provide a talent base for active management of business transformation and the establishment of a direct sales system. The main trust business performance continued to grow at a high level, and the incentive mechanism has paid off. 3) Junyao Group has a broad business layout, strong management capabilities and comprehensive strength, and is expected to form good collaboration with various subsidiaries in the future. Profit forecasting and investment ratings: Trust performance continues to improve, incentive system reforms run through the entire business line, and the company's profit level and operating efficiency may continue to improve. Optimistic about the development potential of the company's comprehensive financial platform, it is expected to maintain high growth throughout the year. The company's net profit for 2019 and 2020 is estimated to be 16.3 billion yuan and 2.09 billion yuan, respectively, corresponding valuations of about 10.8 and 8.4 times, maintaining a “buy” rating. Risk warning: 1) Active trust management falls short of expectations; 2) The quality of leased assets has declined.