Maintain the “increase in holdings” rating, with a target price of 34.2 yuan. The establishment of Wuhu Middle Road marks that the 400MW high-altitude wind power generation project of Zhonglu Co., Ltd. has officially entered the preparation period, which is of great significance. Regardless of subsequent uncertain equity investment income, the company's net profit for 2014-2016 is estimated to be 9.14 million yuan, 39.22 million yuan, and 7.4 million yuan, respectively, and the corresponding EPS is 0.03 yuan/0.12 yuan/0.02 yuan, respectively. Maintain the “increase in holdings” rating of Zhonglu Shares and the target price of 34.2 yuan. Wuhu Middle Road was established, and the 400MW high-altitude wind energy project has entered the preparation period. On February 10, the company announced that it plans to invest RMB 10 million in advance to establish a wholly-owned subsidiary, Wuhu Middle Road (Wuhu Middle Road will build a 200MW high-altitude wind power plant) to carry out preliminary preparation and approval work such as application for non-public stock raising capital investment projects, land pre-applications, and environmental impact assessments. Meanwhile, the latest product developed by the company, the 2.5MW biaxial asynchronous double rotation high-altitude wind power generator set (pre-test unit for the 400MW project) is currently being commissioned and installed in Wuhu, Anhui, and is expected to be tested and powered in Q1 2015. We believe that the establishment of Wuhu Middle Road marks that the company's high-altitude wind energy project has officially entered the preparation period for commercial operation, which is of great significance. At the same time, the company announced that it will select sites in other regions to establish a high-altitude wind power project company of the same scale. The commercial application of high-altitude wind energy projects has great potential. According to the company's announcement, the company plans to privately raise 2.5 billion yuan to invest in 400 MW high-altitude wind power generation projects. The completed 400MW installed capacity can contribute 1.17 billion yuan in annual sales revenue and 650 million yuan in profit after tax. It will greatly improve the company's profitability. We expect that the 400MW project in Anhui will advance faster than expected: First, from a technical point of view, since the company's high-altitude wind energy technology team has successfully solved the stability control problems of aerial systems that are common in international high-altitude wind power generation technology, it has successfully developed a complete set of high-altitude wind power generation technology that is in a leading position in the world. Furthermore, the project has been cultivated in Guangdong for 5 years, and the technology has reached the standards for commercial application; second, from the perspective of commercial implementation, the company's high-altitude wind power generation project has been cultivated in Wuhu, Anhui for 2 years. Core risk: The progress of the high-altitude wind energy project is falling short of expectations.