Maintain the “increase in holdings” rating and lower the target price to 24.8 yuan/share. The company adjusted its asset restructuring plan and will no longer acquire the assets of licensed AMC Zhejiang merchants in Zhejiang Province. Against the backdrop of state-owned enterprise reform, the company's financial control layout is still expected to continue to advance. The company's 16Q1 net profit increased by 48.9% year-on-year, and the original business maintained rapid growth, maintaining the company's EPS in 16-18 at 1.24 yuan, 1.28 yuan, and 1.41 yuan. Considering this change in the restructuring plan, the company was given 20XPE in 2016, corresponding to the target price of 24.8 yuan/share. The profit level of the main business is expected to remain stable, and financial licenses are still a scarce resource. ① The profit margin level of the company's main foreign trade business has declined in recent years. Investment income has become the main source of income, and future market fluctuations will have a certain impact on the company's profit. Considering that the company's 15-year retained investment income is expected to be gradually released in '16, it is likely that the performance in '16 will remain at the same level for the same period for 15 years. ② Zhejiang Financial Trust, Dadi Futures, and China-Korea Life Insurance, which were acquired this time, all ranked low in the industry, and had poor profitability. In 2015, they achieved net profit of 64.1 million yuan, 29.58 million yuan, and -92.73 million yuan respectively, making it difficult to contribute to the company's performance in the short term. ③ The valuation of financial assets acquired by the company is at the industry average level, and the premium is low. Financial licenses (trust+futures+insurance) are still scarce resources in the short term, so they have a high margin of safety. In the context of state-owned enterprise reform, the company's financial control layout is expected to continue to advance. As a state-owned listing platform in Zhejiang Province, the company's failure to inject assets from licensed AMC Zhejiang merchants in Zhejiang Province this time did not change the expectations of subsequent injections into other financial assets owned by shareholders. After the acquisition is completed, the company will have licenses for direct investment funds, financial leasing, trusts, futures, insurance, etc., and the financial control transformation layout is progressing steadily. Risk Warning: Reorganization Plan Approval Risks