Key investment points: Maintain an increase in holdings rating and raise the target price to 35 yuan (previously 24 yuan). The company is a typical small listed company under a large group. In 2014, the net profit of listed companies accounted for less than 10% of the group. In the context of accelerated reform of state-owned enterprises, the Group increased control of listed companies, improved the performance of listed companies, and business expectations increased. It is predicted that the net profit attributable to the parent company in 2015-2016 is 1.35 billion yuan and 1.61 billion yuan, with earnings per share of 1.59 yuan and 1.90 yuan. In 2015, comparable passenger car companies (Changan Automobile, Guangzhou Automobile Group) PE will be 22.5 times, giving 22 times PE in 2015, with a corresponding target price of 35 yuan. The deepening of the reform of local state-owned enterprises is conducive to creating more reasonable incentives for management and ensuring that the interests of management and company shareholders are consistent. The State Assets Administration Commission issued a 2015 work plan to guide and supervise local state-owned assets, which aims to push local authorities to deepen the reform of state-owned enterprises. The key points mentioned that employee shareholding and medium- to long-term incentives for management can be effectively enhanced. Similar to auto stocks that have already implemented some state-owned enterprise reform measures, such as Jianghuai Automobile, Jinlong Automobile, and SAIC Motor Group, the inauguration of a new chairman in early 2015 is an important sign that the company's fundamentals have changed. After the new chairman of the company takes office in 2015, management improvements will be carried out from the two dimensions of loss reduction and efficiency increase. The main focus on efficiency gains is that the profitability of Dongfeng Yueda Kia's compact SUV Pride is expected to exceed market expectations. Catalysts: introduction of reform rules for local state-owned enterprises; promotion of asset integration of listed companies. Risk warning: Local state-owned enterprise reform is progressing less than expected