Maintain the company's holdings growth rating and maintain the company's 2015-2017 EPS forecast of 0.08, 0.10, and 0.13 yuan. Since the company recently signed a three-year agreement to acquire 60% of the shares of the yacht sales company Simpson, and the recent tightening of the situation in the South China Sea and the increase in military exercises by major powers, the military business valuation is still expected to increase. Therefore, taking into account the average valuation of the company's various businesses in the industry, the company was given a 25% premium and raised the company's target price to 15 yuan. We believe that the market has not realized that the company has grasped the yacht service, the core value port of the yacht sales industry. The recent rise in stock prices is only because the increase in military industry valuations has driven the company's stock price. We believe that both the increase in the valuation of the military industry and the company's entry into the yacht sales business will continue to be an important driving force for the company's stock price. The acquisition of shares in Simpson is a further expansion of the company's transformation of yachts. Simpson is the largest yacht dealer and broker in Asia, with over 30 years of service experience. The Simpson Yacht Group has sales and service offices in seven Asian countries and regions, with more than 100 employees. The sales team of the Simpson Yacht Group comes from various countries, and the members are experienced in all aspects of yacht sales, trading, operation, maintenance and technical support. Investment in Simpson means that the yacht business in the new continent will change from shareholding source manufacturing to focusing on controlling sales channels and after-sales services. The company has clearly seen that the yacht industry's customer information resources, customized communication, and long-term after-sales tracking services are the core competitiveness of the future luxury yacht industry, so it has increased its investment in yacht sales companies. Risk warning: 1. Although there is a core team option plan, there is still a possibility of instability. 2. Although global yacht sales have increased by about 100 ships per year in the past three years, industry demand is still uncertain.