Summary of Investment

The Company`s growth rate is superior to that of its peers because of its continuously optimized business structure, strong growth in main business and outstanding management and operation efficiency. The current valuation is not so high when referring to the Company`s historical valuations and that of comparable peers. We maintain a target price of 15.6 yuan, equivalent to the 2017/2018 23.2/18.1P/E ratio respectively, for “buy” rating. (Closing price at 1 Sep 2017)