Guide to this report: As a leading shipping finance platform, diversified equity investment is expected to drive profit growth. Existing businesses have low ROE, and investors need to be patient and wait for a breakthrough in the company's development path. Key investment points: 1. First coverage, rating “neutral”. Profits from shipping leasing and container manufacturing are expected to be stable, and profits from equity investment are expected to continue to grow, but returns after deducting non-shareholders are still low. We forecast EPS of 0.17, 0.17, 0.18 yuan in 2019-21. Combining the DCF valuation method and the company's average PE method, 15 times PE is given, and the target price is 2.57 yuan. 2. Professional in shipping leasing, leading the world in scale. Relying on the Group's deep shipping background, the company is engaged in various shipping finance businesses such as shipping leasing. After the optimization and integration of the shipping leasing business, profit margins improved. The scale of ship leasing is world-class, second in the world for container leasing, and stable returns are expected in the future. However, the company's domestic financing costs are higher than those of financial leasing institutions controlled by banks, and lower interest spreads limit the improvement in return on net assets. 3. Entrusted container manufacturing assets have significantly increased their market influence. The company enhances the capacity utilization rate of container manufacturing, accelerates research and development of special containers, and enhances competitiveness. After the acquisition of Shengshi's container manufacturing assets by the trustee parent company, its market influence in the field of container manufacturing increased significantly. Although container manufacturing is highly concentrated, competition has been fierce over the years. Fortunately, the acquisition was in a year when the industry was less prosperous. 4. Expand investment in related industries and exert synergy effects. The company expands businesses such as industrial funds, small loan companies, insurance and factoring, and builds a one-stop shipping financial service system. Synergies help increase return and reduce risk. However, due to the short investment period, long-term investment capacity and return on investment still need to be observed. 5. Risk warning. The growth rate of the global economy has declined, orders for new shipbuilding have increased dramatically, and the price of transactional financial assets has declined.