Brief description of the three-quarter report: Yi'an Technology released the three-quarter report, with operating revenue of 394 million yuan, an increase of 16.81% over the previous year; net profit attributable to listed companies was 37.69 million yuan, an increase of 23.3% over the previous year. Net cash flow from operating activities was 77.107 million yuan, up 312.42% year on year; basic earnings per share were 0.17 yuan; weighted average return on net assets of 5.88%. Key investment points: Deeply involved in the field of alloy materials, a two-pronged approach in the consumer electronics and automotive fields: The company is a high-tech enterprise specializing in R&D, design, production and sales of lightweight alloy precision die-castings such as magnesium alloys and aluminum alloys. The company continues to explore the consumer electronics market, and its products have successfully entered the supply chain of many well-known domestic and foreign customers such as Huawei, Samsung, Wistron, Heshuo, and Xiaomi. The company successfully cooperated with well-known international customers such as TKP, Tesla, HBA, TRW, AWE, and Alpine, taking advantage of the advantages of lightweight magnesium-aluminum alloy automotive products. The field of liquid metal has broad prospects, and the company's product technology is leading: As a new type of material, liquid metal has a series of advantages such as high strength, high hardness, friction resistance, high elasticity, and corrosion resistance. The company began developing liquid metal in 2010. Currently, it has a complete liquid metal industry chain and mass-produces liquid metal products such as carts and shafts. At the same time, the company is not only becoming more mature in molding small products, but also has the capacity to produce large molded products. We expect that as the technology continues to mature, liquid metal will have a wide range of application space. A joint venture was established with the Chinese Academy of Sciences to further consolidate the leading edge of liquid metals: in July 2015, the company plans to invest 126 million yuan to establish a joint venture with the Institute of Metals of the Chinese Academy of Sciences to establish Zhongke Yi'an Liquid Metals Co., Ltd., 70% of which is owned by Yi'an Technology. The Institute of Metals is an important base for materials science and engineering research in the country, and its bulk amorphous and composite material preparation research represents the highest level in the world. By cooperating with the Metals Research Institute, the company can accelerate the industrialization of the Metals Research Institute's technology and further consolidate the company's leading position based on its liquid metal advantages. Rating for increasing holdings: It is estimated that in 2015-2017, the company will achieve operating income of 631, 7.88, and 989 million yuan, respectively, and net profit of 6529, 8143, and 10.3 million yuan, and EPS of 0.29, 0.36, and 0.45 yuan, respectively. The current price corresponding to 2015-2017 PE is 97, 77, and 62 times, respectively. In view of the broad market prospects of liquid metals, the company was given an increase in holdings rating. Risk warning: Consumer electronics industry boom declines; liquid metal sales fall short of expectations