Guide to this report: The traditional main business forces the company to lay out in the aviation field. Wang Lizhi's appointment means that the company will accelerate the layout of the aviation business and maintain an increase in holdings. Key investment points: Maintain an increase in holdings rating. Considering that downstream molybdenum concentrate customers will no longer continue to sign orders, the 2016-2017 EPS was lowered to 0.09/0.39 yuan (originally 0.25/0.52 yuan). Considering that the company's single-crystal blade was likely to be successfully tested, subsequent technological breakthroughs ushered in high growth room, maintained a target price of 37.2 yuan, and maintained an increase rating. The performance is in line with expectations, and transformation is an inevitable choice. In 2015, the company's revenue/net profit to mother was 1.55/ 60 million yuan respectively, down 36%/28% from the previous year. The main reason for the decline was that the agreement previously signed by Copper Military Materials to supply 1,000 tons of molybdenum concentrate was terminated this year. The company's molybdenum rhenium separation project was completed for trial production in 2015. With the price of molybdenum concentrate falling and long-term orders being executed, the downturn in traditional business may force the company to speed up the layout of the deep processing field. Further molybdenum rhenium ore -> rhenium metal -> rhenium alloy -> single crystal blade deep processing is expected to be given great attention. The change in the management team is significant, and the aviation layout is expected to accelerate. On March 24, the company's board of directors decided to appoint Mr. Wang Lizhi as the company's deputy general manager to be in charge of the company's aviation business. Wang Lizhi is a top international talent brought in by the “Thousand Talents Program” of the Central Organization Department. He has 30 years of relevant experience in research and development, manufacturing, installation and testing, maintenance, and quality control of aero engine parts. He has worked for companies such as Honeywell in the US, Smith Aerospace Equipment in the UK, GE Aeronautical Systems in the US, and Rolls-Royce Aero Engines in the UK. We believe that Wang Lizhi's appointment shows the importance the company attaches to aviation business, and that the layout in the field of single chip blade -> engine -> drone may continue to accelerate. Catalyst: The single crystal blade was successfully sent for inspection and launched, and the order was placed. Risk warning: Risk of unsuccessful single-crystal blade delivery for inspection.