Guide to this report: Monocrystalline blades fill the gap in the country and drive China's aero engines forward. It is expected that the company's R&D and inspection are progressing smoothly, and the probability of product success is high, maintaining a rating of increased holdings. Investment points: Maintaining an overweight rating. The 2015-2017 EPS was 0.14/0.25/0.52. Considering that if the company's single crystal blade is successfully sent for inspection, it will maintain the target price of 37.2 yuan, with a space of 63%. Warfare investors and major shareholders increased their holdings to dispel doubts. In September 2015, investors SF Investment, Yuanhe Zhongyuan M&A Equity Investment Fund, and major shareholders announced that they would “buy (choose an opportunity) of the company's shares at least 250 million yuan when the company's stock price falls below 20 yuan/share”. We estimate that the average increase in holdings of the three is 22.8/18.3/19.7 yuan, respectively. It can be seen that there is strong confidence in the company's future development, dispelling the market's previous doubts about whether it can actually increase its holdings. Based on the strong holdings of major shareholders and warring investors, we speculate that the probability that the company's monocrystalline blades will be successfully submitted for inspection is high. The market prospects are broad, and the industrial chain extension layout is complete. Currently, the production line has a production capacity of 55,000 tablets, so we think it will be very easy for them to be absorbed by the market. If 50 twin-engine engines are assembled according to defense requirements and 500 turbine blades per engine is calculated, the blade requirement is 50,000. Wang Lizhi, the company's core technician, previously worked for GE and Luoluo. If the company can enter the GE and Rollo engine supply chains in the future, it is expected to enjoy supporting markets for Boeing and Airbus. In 2015, Boeing and Airbus delivered a total of about 1,400 aircraft. Simply estimate that the blade maintenance volume is about 1.4 million, and the market space is vast. From molybdenum and rhenium separation → alloy → single crystal blade → aero engine → military and civilian large-scale transport drone, the company has a complete integrated layout of the company's industrial chain, and at the same time has selected partners with outstanding strength. With the success of monocrystalline blades, it is expected to become the brightest new aviation star in the future. Catalysts: Single crystal blades successfully sent for inspection and launched; orders, etc. Risk warning: risk of brain drain, risk of failure in single-crystal blade research and development.