Key investment points: The company signs a large order for the digital service platform in Zunyi, which will become a new profit growth point, acquire molybdenum and nickel minerals and continue to develop, and will gradually contribute to the summary of the performance report: enter Internet finance and sign a major order for the construction of a digital service platform in Zunyi. In November 2013, the company acquired 100% of Guohua Huiyin's shares for 30 million yuan, and will continue to expand its investment and shareholding to develop it into a nationwide Internet financial operator focusing on mobile payments and P2P online financial service models. In February 2014, the company signed a “Strategic Cooperation Agreement on the Digital Service Platform Construction Project” with the Zunyi Municipal People's Government. The total investment of the project is estimated at 220 million yuan, including the launch of 30,000 smart terminals throughout the city, the issuance of the Zunyi City Card, and the release of the “Zunyi Pass” mobile client, which is an important reflection of the company's strategic plan to enter the financial services field and will provide new profit growth points. Mining construction continues to advance, and efforts are being made to enter normal production conditions as soon as possible. The company has gradually been involved in mining since 2011. So far, it has acquired a total of nine molybdenum and nickel ores. Five of them have signed formal agreements and four have signed letters of intent. Molybdenum and nickel ore is widely used in the fields of steel, chemicals, electronics, etc., and the company is actively promoting preparations for mining production in accordance with relevant requirements and striving to enter normal production conditions as soon as possible. Due to the slowdown in approval progress for the 100kt/a high-carbon shale comprehensive development and utilization project of Zunyi Changzheng Mining Co., Ltd., the company is actively completing the relevant approval work, and on the other hand, is also exploring ways to promote project construction through project cooperation and joint development. The electrical and wind power business is showing slight fatigue, and the company is stepping up product innovation to compete for the market. The company's electrical appliance business was affected by competition, and industry profits were further compressed, and the revenue growth rate showed a downward trend. The wind power industry is currently regulated by national policies, and the company's production capacity has not been effectively released, affecting the formation of product scale and efficiency and the next step in development. As wind power prices may drop this year, there is a risk of further reduction in gross margin. The company is stepping up research and development of new products to reverse the decline in the industry. Profit forecasting and valuation. It is estimated that the company's EPS for the year 14 and 15 will be 0.20 and 0.31, and the PE corresponding to the current stock price will be 70X and 45X, giving it an “increase in holdings” rating for the first time. The target price is 20 yuan.