The company's net profit for the first three quarters increased 30% year on year, and the performance was slightly lower than expected, mainly due to the year-on-year decline in investment income in the third quarter. The company achieved total operating income of 845 million yuan in the first three quarters, an increase of 9.3% year on year; net profit attributable to shareholders of listed companies was 129 million yuan, up 30% year on year, corresponding to EPS 0.25 yuan, lower than the 40% increase in our three-quarter report forecast. The investment income of the joint venture with GE decreased year on year in the third quarter; investment income in July-September was 22.8 million yuan, down nearly 10 million from 31.9 million in the same period last year, accounting for about 10% of net profit for the first three quarters of last year. As the joint venture was affected by GE's wind power converter business and exchange losses, the joint venture's investment income declined year over year. Maintain a buy rating. It is expected that the parent company's complete switches will continue to grow in the fourth quarter, and large-scale high-voltage inverters may be delivered. Considering that the return on investment is lower than expected, we slightly lowered our profit forecast. The company's revenue for 11-13 is 15.7/20.6/2.67 billion yuan, and EPS is 0.54/0.76/1.01 yuan respectively (previously 0.57/0.78/1.03 yuan), and the compound net profit growth rate is 36%. Currently, PE corresponds to 26, 19, and 14 times, maintaining the “buy” rating.