Event: The company released its 2019 annual report, achieving total operating income of 3.8.0 billion yuan, a year-on-year increase of 43.3%; net profit attributable to shareholders of listed companies of 1.32 billion yuan, an increase of 13.9% over the previous year; and achieved earnings per share of 0.813 yuan/share. Key investment points The company achieved net profit of +13.9% on a year-on-year basis in 2019, and the performance was in line with expectations. 1) Aijian Trust's main business maintained steady growth, striving to overcome complex situations such as the deepening of financial deleveraging and the intensification and tightening of real estate financing policies. It achieved net profit of 1.25 billion yuan for the whole year, an increase of 13.0% over the previous year. 2) The company has vigorously expanded the trust wealth center team, and capital side financing capabilities have been continuously enhanced, resulting in an increase in employee remuneration and management expenses of +37.7% over the same period to 950 million yuan. Furthermore, Aijian Trust continues to remove channels, continuously strengthen active management capabilities, and increase trust remuneration rates, which is expected to ease the pressure of stricter trust policies to a certain extent. 2) Investment income increased 70.7% year on year to 900 million yuan (of which trust product income increased 24.6% year on year to 570 million yuan). The company's business expansion in 2019 led to growth on both the revenue side and the cost side. Overall, it maintained steady development, and the performance was in line with expectations. Trusts are expected to be under pressure under strict supervision, leasing contributions stabilize performance, and diversified layouts to create a comprehensive financial service system: 1) Under the new asset management regulations, the scale of channels and multi-level nested businesses is continuously being compressed, and the trust business structure is continuously being optimized. It is expected that the company's active management capabilities will increase. The average annualized comprehensive trust return rate in 2019 will increase compared to last year, and it is expected that the overall supervision of the industry will continue to be under pressure. 2) At the end of September 2018, the company transferred 100% of Huarui Leasing's shares in Huarui Leasing, a subsidiary of Junyao Group, the majority shareholder, to supplement leasing fields such as aviation and backup engines, and achieve annual net profit of 110 million yuan, combined with Aijian Financial Leasing (net profit of 800 million yuan in 2019). The leasing sector contributed to the company's stable performance. 3) The company has a diversified financial layout. Currently, the company has many financial subsidiaries such as Aijian Securities, Aijian Trust, Aijian Leasing, Aijian Wealth, and Aijian Asset. Combining the industrial advantages of shareholder Junyao Group, the integration of industry and finance is expected to create a comprehensive financial service system and achieve the company's further development. Major shareholders continue to increase their holdings of Aijian, and asset operation efficiency is expected to improve: 1) Since 2019, Junyao Group has continued to increase its holdings. As of March 20, 2020, holding shares in the company accounted for 29.00% of the company's total share capital. Furthermore, it is planned to increase holdings of the company's shares by 0.1% to 0.5% of the company's total share capital through a centralized bidding system, bulk trading system, and agreement transfers within the next 6 months, demonstrating shareholders' confidence in the company. 2) Junyao Group mainly invests in industry and has now formed five major sectors, including air transportation, financial services, modern consumption, education services, and technological innovation. As the core strength of its financial sector, Aijian Group is expected to achieve business interconnection with other sectors and promote common development through integrated industry and finance. 3) The company uses market-based incentives to attract a large number of excellent external teams to provide a talent base for actively managing business transformation and establishing a direct sales system. In the future, it is expected to improve asset operation efficiency and help trust performance grow steadily. Profit forecasting and investment ratings: Trust supervision is becoming more stringent and under pressure, and the company's profit level and operating efficiency may continue to improve. I am optimistic about the development potential of the company's comprehensive financial platform. The company's net profit in 2020 and 2021 is estimated to be 1.40 billion yuan and 1.46 billion yuan respectively, maintaining the “buy” rating. Risk warning: 1) Trust supervision is becoming stricter; 2) The quality of leased assets is declining.