Incident: The company released its report for the third quarter of 2013: the company's revenue for the first three quarters was 180 million yuan, down 13.09% year on year; net profit attributable to shareholders of listed companies was 68.3972 million yuan, down 7.09% year on year; basic earnings per share were 0.62 yuan. Comment: The installation of smart meters for loss reduction projects continues to accelerate. The company's loss reduction project installed about 7,000 meters in the first quarter, around 13,500 meters in the second quarter, and 23,557 meters in the third quarter. By the end of the third quarter, a total of 6,9057 meters had been installed. At present, the company's construction capacity has reached the installation of 300-600 electricity meters per day. Ghana entered the dry season in the fourth quarter, which is beneficial to the company's electricity meter installation. Other projects in Ghana are progressing well. CB's BOT project is progressing normally, the operation is stable, and the profit situation is good; the “Central and Western Province Distribution Network Line Expansion Project” is expected to complete construction by the end of 2013; and the “Ashanti West, East, East and Volta Distribution Network Expansion Project in Ghana” is expected to complete construction tasks in the first half of 2014. Domestic market companies are actively making adjustments. On the domestic market side, in response to situations such as declining chip sales volume and poor participation in the State Grid bidding situation, the company focuses on returning visits from key customers and actively launching new products to adapt to market changes; at the same time, improving internal control processes, strengthening financial management, talent introduction and employee training, and actively promoting corporate culture construction. Profit forecasting and investment ratings. We forecast the net profit of Fuxing Xiaocheng's shareholders from 2013 to 2015 to be 104 million yuan, 163 million yuan, and 252 million yuan, respectively, with a compound annual growth rate of 44.6%, and corresponding earnings per share of 0.95 yuan, 1.49 yuan, and 2.30 yuan respectively. We maintain the company's “increased holdings” rating. risk factors. The construction progress of the company's power grid renovation project in Ghana fell short of expectations; Ghanaian sovereignty and single customer risks; the company's chip sales fell short of expectations; and Ghanaian photovoltaic industry policy risks.