Incident Antong Holdings acquired 30% of the shares of Beijing Railway Supply Chain Management Co., Ltd. for 15 million yuan. Beijing Railway mainly engages in freight forwarding business using regular/special containers on railway lines as carriers. In 2016, net assets were 20.36 million yuan, and revenue and net profit were 8.34 million yuan and 360 million yuan respectively. This acquisition is in line with our previous judgment that the company will lay out onshore multimodal transport assets through extension, driving the company's transformation from the traditional “container shipping+land trailer” to the “shipping+rail+land transport” multimodal transport model. It is expected that this acquisition will not have a significant impact on the 2017 reports of listed companies. Beijing Railway is mainly engaged in railway freight forwarding. The original business backbone of Tielong Logistics joined Beijing Railway Supply Chain Management Co., Ltd. (Beijing Railway) was established on May 13, 2016, with net assets of 20.36 million yuan, revenue and net profit of 8.34 million yuan and 360,000 yuan respectively. It mainly engages in freight forwarding business using regular/special containers on railway main lines as carriers; the legal representative, Sun Yongfu, and two shareholders of the company (three shareholders after this transaction), keyword searches show that Mr. Sun was previously the business backbone of Tielong Logistics. Lay out the railway freight sector and improve the multimodal transport model 1. The original multimodal transport model focused on “container shipping+land trailers”: under the multimodal transport model, logistics companies will be exposed to more direct customers. In addition to having the advantage of obtaining added value throughout the industry chain, this model has further increased the premium capacity for customers, and freight rate stability is high. At the same time, the goods are under the company's logistics supervision throughout the process, which can effectively connect financial services such as supply chain finance; judging from the business development model, Ansheng Logistics is more reflected in land trailers and warehousing services, and coastal shipping; 2. Perfect Multimodal transport, accelerated railway layout: We judge that Antetsu's equity acquisition reflects the intention of the listed company to break the original business model of multimodal transport driven by shipping modules. Through an independent layout, the company's main business is container and special box railway transportation. The intention is that in addition to gaining more customer groups and added value in the industrial chain, the medium to long term multimodal transport, which is mainly based on the two-dimensional model of “shipping+highway”, will be further expanded to the three-dimensional model of “shipping+highway+railway”. The customer base covered by the Yangtze River will also gradually expand from the hinterland of the Yangtze River and Yangtze River Gradually expanding to the whole country, industry ceiling Will be opened further. The investment proposal anticipates that this acquisition will not have a significant impact on the 2017 statements of listed companies, but Antong Holdings' strategy of using the listed platform to launch upstream and downstream mergers and acquisitions to form diversified intermodal transport methods has begun to unfold. We believe that in the future, the company may still actively deploy in the fields of railways, LTL, cold chain, consolidation and hazardous chemicals. The company's net profit for 2017-2019 is expected to be 6.58, 782, and 973 million yuan, respectively. The net profit for 2017 is 28.6 times the current price-earnings ratio. We continue to recommend it. Risk warning: Macroeconomic downturn, oil prices rebounded sharply.