The report focuses on: a detailed introduction to the basic situation of Baoguang Co., Ltd.; the asset distribution and asset advantages of Xidian Group; possible asset injections and related investment opportunities; investment highlights: equity transfer stimulates the expectations of Xidian Group's backdoor. Recently, the Baoji State Assets Administration Commission, the company's original actual controller, transferred 92% of Baoguang Group's shares to Xidian Group free of charge, and Xidian Group changed to the actual controller of the company. On the one hand, Baoguang Co., Ltd. tried to introduce Schneider Electric (China) Investment Co., Ltd. in 2006, but was denied by the Ministry of Commerce, and the company's operations have not improved since then; on the other hand, Xidian Group has a deep background and has been preparing for listing for the past two years. This equity transfer has inspired expectations that the Xidian Group will go backdoor. Baoguang Co., Ltd. and Baoguang Group seek breakthroughs through external forces. Although the company is a leading manufacturer of vacuum arc extinguishing chambers, it has always been in a state of marginal profit due to rising prices of metal materials in recent years and poor bargaining power due to concentrated downstream demand. Baoguang Group's main asset is among listed companies. As an established state-owned enterprise, the Group's history is heavily burdened, making it difficult to give substantial support to listed companies. Perhaps “marrying into a prestigious family” is the real way out for companies and groups. Backdoor listing is a viable path for China Xidian Group. Xidian Group is an enterprise directly under the State Council's State-owned Assets Administration Commission. It is the main production base for complete high-voltage and ultra-high voltage AC/DC substation equipment in China. It has high-quality assets such as Xi'an Xikai and Xi'an Transformer Factory. In the same industry, TBEA, Tianwei Baobian, and Pinggao Electric have already been listed. TBEA has also used the power of the capital market to take over two giants — Hengyang Transformer Factory and Shenyang Transformer Factory. Xidian Group has been speeding up restructuring preparations for listing in recent years. Earlier, the media reported that the Xidian Group may be borrowing S. ST Nagamine, but S. ST Changling has announced that if the debt restructuring is successful, Shaanxi Electronics Technology Group plans to take over 700 million yuan. The 2009 IPO has not yet started. Backdoor listing may be the first choice for Xidian Group to go public. There are no investment ratings yet. We believe that the company's stock price does not fully reflect the value of existing assets. Investors are advised to pay attention to possible asset injection investment opportunities. There are no investment ratings yet. Risk warning: The profit level of the company's existing assets is insufficient to support the current stock price.