On the evening of February 27th, Tongda Power announced its 2013 results KuaiBao: realized operating income of 909 million yuan, up 21.08% over the same period last year; realized net profit belonging to the parent company of 10.51 million yuan, down 42.51% from the same period last year, and achieved EPS0.06 yuan, which is in the lower position of 15% of the third quarter performance forecast. We believe that the company's profit margin and ROE level have dropped to the lowest point, and will benefit from downstream expansion such as electric vehicles and elevators, wind power recovery, international strategy and stable raw material prices, and the formation of upward inflection points and greater upward flexibility. It is estimated that the EPS for 14-15 years will be 0.19 yuan and 0.35 yuan respectively. We believe that in the current market environment, the company's market capitalization is undervalued and there is a demand for improvement in the future. For the first time to cover the "highly recommended" investment rating, a reasonable valuation of 12-14 yuan.