Key investment points: Profit forecast: Maintain the company's 2013-15 EPS at 0.33, 0.42, and 0.47 yuan. Due to the outstanding characteristics of the new energy industry chain, the target price was raised to 15 yuan (36 times PE in 2014) to maintain the increase in holdings. Undoubtedly, the target of new energy vehicles: 1) Committed to the R&D and production of key components for electric vehicles. After deciding to invest in the development of motors and electronic controls in April 2010, the company is gradually advancing the research and development of these two key components, and has gradually made progress. For example, motors have been tested and tested in small batches. 2) The company admits that until Wanxiang Electric Vehicle Company makes a normal profit, the management will put forward a motion to invest in Wanxiang Electric Vehicle in due course. Because investing in Wanxiang Qianchao is equivalent to being optimistic about the future of electric vehicles, if you are optimistic about the future of electric vehicles, you can agree that Wanxiang Electric Vehicle Company will definitely make a normal profit; then, injecting Wanxiang into electric vehicles will sooner or later. Trying to support Fisk is more reliable than other domestic parts companies that are in contact with Tesla. Fisk will be a subsidiary of Wanxiang Group. Wanxiang Qianchao and Fisk are controlled by Wanxiang Group. We believe that as long as Wanxiang Qianchao's spare parts meet the standards, there is no reason for Fisk not to use its spare parts. As long as parts from Wanxiang Qianchao are used, then Wanxiang Qianchao is a new energy industry chain, which is more reliable than other parts companies that intend to supply Tesla. Fisk is not part of the promise injection in the short term, and the future is uncertain. Fisk is an asset acquired by the Group. It is not within Wanxiang Electric Vehicle. Simply put, it has nothing to do with Wanxiang Electric Vehicles, but we know that the business within the Group cannot compete with listed companies. Fiske develops extended-range new energy vehicles. Wanxiang electric vehicles are pure electric vehicles; in fact, they are all electric vehicles. In the short term, Wanxiang electric vehicles are qualified to manufacture special vehicles. Fiske produces passenger cars. There is no competition between these two types of cars, so there is a premise: Wanxiang electric vehicles will never build complete passenger cars, but Wanxiang successfully developed electric cars in 2002. It's hard for us to say that Wanxiang electric vehicles will not be used as passenger cars. Even if Fisk is not injected, we don't think it will change the attributes of Wanxiang Qianchao's new energy vehicle industry chain. Currently, only Wanxiang Group has a luxury electric vehicle business in China. Risk warning: The promotion of new energy vehicles is blocked, and A123 and FISCO products cannot be industrialized.