The results are in line with expectations. The company recently released a quick performance report. In 2018, it achieved operating income of 37552.51 million yuan, an increase of 19.31% over the same period last year, operating profit of 19.31%, an increase of 0.35% over the same period last year, and net profit attributable to shareholders of listed companies was 15.88603 million yuan, an increase of 3.33% over the same period last year. Antifreeze leader. The main business has been growing steadily. There are more than 2,000 domestic antifreeze manufacturers. The company accounts for more than 20% of the front-end equipment market. The H1 automotive fine chemicals business achieved revenue of 1,283 billion yuan in 2018, an increase of 17.67% over the previous year. The company has maintained deep cooperation with chemical industry giants such as BASF, Dow, Afton, Fox and BP. It has 48 European, American, Japanese and domestic own-brand OEM customers, and has established cooperation with 24 domestic NEV brands to be the exclusive after-sales supplier of Tesla automotive chemicals. The Qingdao project is expected to be completed and put into operation in '19, driving the steady growth of the company's supporting business. The aftermarket gained strength, opening up a new impetus for growth. After many years of in-depth layout, the aftermarket business ushered in rapid growth, and the H1 automotive aftermarket business achieved a growth rate of more than 50% in '18. Deloitte Auto Care established the BASF Division and the new division, which are responsible for the promotion of new BASF products and customer development of 4S Group and logistics and transportation companies respectively. At the same time, it has signed “Strategic Cooperation Agreements” and “Basic Service Procurement Contracts for Vehicle Owners” with China Energy Oil and Gas Co., Ltd. and several branches of Pacific Property Insurance Company in Jiangsu Province, respectively, to continuously enhance the company's resource integration capabilities and brand influence. The gross profit of the aftermarket business is high, and the increase in scale is expected to significantly improve the company's gross profit level. Shareholders' holdings increased, showing confidence. It was announced in July '18 that the four managers intend to increase their holdings by no less than 20 million yuan. As of November 23, 2018, they had increased their holdings by a total of 746,602 shares, with a cumulative increase of 2.99 million yuan, demonstrating confidence in development. Market business development fell short of expectations after the risk alert. Excellent companies in the aftermarket. Companies that have increased their holdings are leaders in the antifreeze front assembly market, with a market share of more than 20%. The traditional business is growing steadily, laying out the automotive aftermarket in depth, and opening up a new growth engine. The estimated profit for 18/19/20 is 1.59/41.91/232 million, corresponding to PE 23.1/19.2/15.8 times, respectively. The one-year target valuation is 6.25 yuan - 6.90 yuan, which is covered for the first time, giving an increase in holdings rating.