Wenfeng Co., Ltd. (601010.CH/ RMB 6.94, holding) released the 1Q2014 quarterly report: 1Q2014 achieved revenue of 2,317 billion yuan, an increase of 10.04% over the previous year; net profit attributable to the parent company was 137 million yuan, an increase of 33.48% over the previous year, and the company's net profit after deduction was 136 million yuan, up 36.78% year on year. The fully diluted earnings per share is 0.18 yuan, which is basically in line with our expectations. We maintain the company's profit forecast of 2014-2016 earnings per share of 0.505, 0.530, and 0.567 (due to the uncertainty of real estate settlement, we are not predicting profits for the time being), with a compound growth rate of 5% for the next three years and a six-month target price of 7.65 yuan/share, corresponding to a price-earnings ratio of 15 times in 2014, maintaining the holding rating.