Maintaining the “recommended” rating due to the weak axle business since this year has dragged the company down a lot. After adding cumulative growth subsidies, the company's EPS is expected to be 0.436 yuan and 0.583 yuan respectively after 11 years and 12 years of dilution, and the current stock price is 8.23 yuan, and the corresponding PE is 18.87 times and 14.11 times, respectively, maintaining the “recommended” rating. Investment risks mainly lie in the declining sales growth rate of economical SUVs, the accelerated decline in the axle business due to the influence of suppliers, and lower progress in the promotion of new energy buses than expected.