Key investment points: Conclusion: Maintain an increase in holdings rating, determine that the probability of injecting Yineng Electronics into the company is high, and raise the target price to 23.0 (+3.90) yuan. The company announced that the controlling shareholder plans to acquire 70.37% of the shares in Yineng Electronics through capital increases and share acquisitions. Within 12 months after the completion of the acquisition, Chuangli Group will prioritize the transfer of all shares held by the controlling shareholder. We judge that after completing the integration with Yineng Electronics, the company will greatly enhance its competitiveness in the lithium battery PACK market and is expected to expand other electric vehicle companies other than AVIC New Energy; furthermore, we judge that Yineng Electronics will return to a high growth trajectory next year. Given that the acquisition has not yet been completed, the maintenance company's net profit for 2016-18 was 108 million, 291 million, and 379 million yuan, respectively, and the corresponding EPS was 0.17 yuan, 0.46 yuan, and 0.60 yuan. The acquisition of Yineng Electronics will enhance the competitiveness of Chuangli Group's lithium battery PACK business and expand the range of downstream customers. Yineng Electronics has the largest market share in the domestic power lithium battery BMS field, reaching more than 30%, and has entered the supply chain of mainstream electric vehicle manufacturers such as BAIC, GAC, and Changan. We determine that completing the acquisition of Yineng Electronics will enhance the competitiveness of Chuangli Group in the lithium battery PACK market and help expand to customers other than AVIC New Energy. Judging that YiNeng Electronics is expected to return to a high growth trajectory next year, with high profit flexibility. In 2015 and January-June 2016, Yineng Electronics achieved net profit of 63.1692 million yuan and 11.8973 million yuan respectively. The decline in performance was mainly affected by industry subsidies and other policies. We judge that after the implementation of the industry policy in the fourth quarter, the NEV market will return to a high growth trajectory next year; at the same time, China Coal Machinery Group's capital increase and loan to Yineng Electronics will solve the problems of insufficient development capital and production capacity. Yineng Electronics will use its BMS market position to quickly seize the market, and profit flexibility is high. Risk warning: Acquisition progress falls short of expectations; PACK's business expansion falls short of expectations.