Vehicle sales revenue increased, and new products became a new growth point. The company's revenue in the first half of the year increased 18.68 percent over the same period last year, mainly due to the increase in sales in the current period. Among them, passenger cars achieved revenue of 1,256 million yuan in the current period, an increase of 202 million yuan over the same period last year, an increase of 19.13%; Huanghai Bus sold 13,000 vehicles in the current period, a cumulative increase of 8.92% over the previous year, and achieved revenue of 864 million yuan, an increase of 332 million yuan over the same period last year, an increase of 62.31%. In the first half of the year, a number of new products became a new economic growth point for the company. Huanghai CUV is positioned as an urban sports segment with small to medium displacement. In the first half of the year, Qisheng V3 received market recognition for its load-bearing body design and safe and spacious configuration, achieving sales revenue of 60 million yuan; Shuguang Axle successfully developed new high-end market customers such as GAC, Geely, HENDRICKSON, and BLUE-BIRD; in addition, the company also actively developed LNG energy-saving bus products for tourist buses and school buses; internal and external sales revenue fluctuated greatly in the past three years, compared to 179 million yuan in 2009 It increased by 28.06% to 229 million yuan, and decreased by 26.75% in 2010 to only 168 million yuan. In the current period, the company's exports achieved revenue of 191 million yuan, an increase of 207.23%; Central China achieved revenue of 377 million yuan, an increase of 221.39%. It shows that the company's export business and internal and external sales in the second- and third-tier markets have made significant progress; in the current period, the company's long-term equity investment amount increased 145 million yuan over the beginning of the year, increasing 266.04% in the current period to enhance the competitiveness of new energy sources. Among them, Dandong Huanghai, a holding subsidiary of the company, increased the capital of Hunan SSC Times Electric Vehicle Company by 137 million yuan in the current phase, in fulfilment of the agreement signed between the company and CSRC Zhuzhou in late December 2010. After the capital increase, the registered capital of the Zhuzhou Joint Venture increased from 160 million shares to 338 million shares, of which Dandong Huanghai invested 137 million yuan, equivalent to 121 million shares, accounting for 35.71% of the shares in the Zhuzhou Joint Venture and 50.36% of the shares of the Zhuzhou Joint Venture. In March 2011, three parties including Changzhou Huanghai and Changzhou Mecca established a joint venture to develop and produce electric vehicles. The first phase plans an annual production capacity of 60,000 vehicles, with a total scale of 300,000 vehicles, with a total investment of 1 billion yuan. The company continues to increase investment and research and development efforts in the field of new energy vehicles to enhance the company's competitiveness in the field of new energy vehicles. Investment Rating Production and sales of best-selling models such as buses, SUVs, and pickups grew steadily in the first half of the year, and invested in the development of new energy products. They have a first-mover advantage in new energy, and will benefit from the new energy industry policy to be introduced soon. The company's net profit from 2011 to 2013 is estimated to be 2.52, 3.14, and 371 million yuan, with basic earnings per share of 0.44, 0.55, and 0.65 yuan. The corresponding PE is 19, 16, and 13 times, maintaining the original “increase” rating.