Core view: Adjust the structure and layout to transform Guancheng Chase, a listed company with a long history, with real estate development and enameled wire production as the main support for the company's past business development. Beginning in 2014, the company transitioned to a new energy lithium-ion battery+financial investment business in the context of gradually increasing pressure on the traditional industry. After nearly 2 years of hard work, the company gradually explored a transformation path suitable for its own development, expanded the layout of the lithium-ion battery industry chain in the form of equity acquisition+project investment; integrated its financial resources, built a P2P business platform, and entered high-end medical health and vacation centers. Acquisition+investment, sharing the dividends of industrial development The layout in the field of new energy is also gradually progressing. In 2015, all proposed acquisition plans will be implemented. Judging from the direction of layout, the company hopes to be able to vigorously expand the entire lithium-ion battery production industry chain and vigorously expand the local civilian market, especially the power battery market. Beginning in the second half of 2015, the company and the Fujian Investment Platform set up an Emerging Industry Investment Fund. In the future, the company will share the industrial dividends brought about by the explosive development of the new energy industry through increased equity investment. Expand the healthcare industry and acquire 100% of the shares of Mirador, a 16-year wholly owned subsidiary of Swiss Holiday Medical Center, in Switzerland with 307 million yuan. Le Mirador Resort, formerly known as Mon Repos Private Hospital, was founded in 1904. After the acquisition is completed, it is planned to launch a high-end medical service project for anti-aging treatment, which will become a new profit growth point for the company in the future. The EPS for 16-17 is expected to be 0.27 and 0.29 yuan respectively, maintaining the “buy” rating. The total value of the company's NAV is 11.89 billion yuan. The company's current total share capital is 1.49 billion shares, so the company's NAV price per share is 8.00 yuan/share. After deducting the new energy business, the discount rate is 15.4%. Risks suggest that real estate business sales are affected by the market, and there is some uncertainty about the progress of new business projects.