Profit forecast: Maintain the company's EPS in 2013-15 at 0.33, 0.42, and 0.47 yuan. Due to the outstanding characteristics of the new energy industry chain, the target price was raised to 15 yuan (36 times PE in 2014), maintaining an increase in holdings. Undoubtedly, the goals of new energy vehicles are: 1) Committed to the R&D and production of key components for electric vehicles. After deciding in April 2010 to invest in the development of motors and electronic controls, the company is gradually advancing research and development of these two key components, and has gradually made progress. For example, motors have already been tested in small batches. 2) The company admits that until Wanxiang Electric Vehicle Company makes a normal profit, management will put forward a motion to invest in Wanxiang Electric Vehicles in due course. Because investing in Wanxiang is equivalent to being optimistic about the prospects of electric vehicles, and if you are optimistic about the prospects of electric vehicles, you can agree that Wanxiang Electric Vehicle Company is bound to make normal profits, so injecting Wanxiang's money into Wanxiang electric vehicles will be a matter of time sooner or later. Trying to supply Fisk is more reliable than other domestic parts companies that are in contact with Tesla. Fisk will be a subsidiary of Wanxiang Group. Wanxiang Qianchao and Fiske are controlled by Wanxiang Group. We believe that as long as Wanxiang Qianchao's spare parts meet the standards, there is no reason for Fiske not to use its spare parts. As long as Wanxiang Qianchao's components are used, then Wanxiang Qianchao is a new energy industry chain, which is more reliable than other parts companies that intend to supply Tesla. Fiske is not among the promised injections in the short term, and the future is uncertain. Fiske is an asset acquired by the group. It is not in Wanxiang Electric Vehicles. Simply put, it has nothing to do with Wanxiang Electric Vehicles. However, we know that the business within the Group cannot compete with listed companies. Fiske is developing extended-range new energy vehicles. Wanxiang electric vehicles are pure electric vehicles; in fact, they are all electric vehicles. Looking at the short term, Wanxiang electric vehicles are special vehicle production qualifications, and Fiske produces passenger cars. There is no competition between these two types of cars, so there is a precondition: Wanxiang electric vehicles will never make complete passenger cars, but in 2002 Wanxiang successfully developed electric cars, so it's hard to say that Wanxiang electric vehicles will not be used as passenger cars. Even if Fiske doesn't inject, we don't think it will change Wanxiang Qianchao's NEV industry chain attributes. Currently, only the Wanxiang Group in China has luxury electric vehicle business. Risk warning: The promotion of new energy vehicles has been blocked, and A123 and Fesco products cannot be industrialized.