The incident company released its 2019 quarterly report on April 17, 2019. 2019Q1 achieved total operating income of 151 million yuan, an increase of 66% over the previous year; realized net profit of 34.82 million yuan, an increase of 107% over the previous year; realized net profit after deduction of 22.49 million yuan, an increase of 34% over the previous year; and realized net cash flow from operating activities of 28.14 million yuan, an increase of 874% over the previous year. The weighted average ROE was 3.74%, up 1.95 percentage points from the previous year. Briefly commenting on the recovery in wind power, the company's performance has soared, and the company previously disclosed in its performance forecast that net profit for 2019Q1 is estimated to be 33,000-38 million yuan. The current quarterly results fall within the previous performance forecast range. The company's performance increased significantly year on year, mainly due to: ① The increase in wind power recovery orders, which led to a significant increase in the company's revenue scale over the same period last year. ② Non-recurring profit and loss effects. The company's non-recurring profit and loss during the reporting period was 12.33 million yuan, an increase of 12.31 million yuan over the same period last year. During the reporting period, the company's comprehensive gross profit margin was 38.7%, down 0.4 percentage points year on year; net profit margin was 23.1%, up 4.5 percentage points year on year. In terms of expenses for the period, the company's sales, management+R&D, and financial expenses during the reporting period were 946, 1785, and 1.83 million yuan, respectively, with year-on-year changes of +51%, +104%, and -41%; the three cost rates were 6.27%, 11.83%, and 1.21%, respectively, and -0.65, +2.20, and -2.19 percentage points, respectively. The increase in sales expenses matched the increase in the company's revenue. The sharp increase in management+R&D expenses was mainly due to the sharp increase in R&D expenses. The company's R&D expenses during the reporting period were 6.32 million yuan, an increase of more than 10 times over the previous year. At the time of the market boom, at the time of the reversal of performance, judging from the prosperity of the wind power industry, according to the “Notice on Actively Promoting Work Related to Unsubsidized and Affordable Internet Access for Wind Power and Photovoltaic Power Generation”, after 2021, 2019-2020 will usher in a rush to install wind power, and industry sentiment will improve. At the same time, based on the continued pursuit of offshore wind power and new energy, overseas orders also continued to grow. According to the Vestas annual report, in 2018, it had orders of 15.6 GW, an increase of 36% over the previous year; on the other hand, from the company's own perspective, Ximen in 2019 The impact of Zigamisa's integration has completely disappeared, the company's orders are expected to be substantially full, and performance has reversed. Fund-raising projects continue to be implemented. In order to solve the company's production capacity bottleneck, the fund-raising projects were put into operation in 2018-2020. The annual production of 100,000 auto parts projects completed land acquisition, plant construction and the introduction of key equipment, and achieved 10 million sales revenue in 2018; large-scale non-metallic mold and wind turbine hood projects have been launched in Yancheng, and the company currently leased a plant of 12,000 square meters. In 2018, it completed the production of two sets of wind turbine blade molds and ten sets of large-scale offshore wind turbine housing products, later in Yancheng, Yucheng, more than 100 acres, The construction of 4 plants will, on the one hand, meet the production of large-scale non-metallic molds and cabin cover products for offshore wind power, and on the other hand, use the transportation advantages of Dafeng Port to lay out the production capacity needs of overseas markets, as a “two-sea strategy” layout. The company has introduced an outstanding team with superior technology and yacht market operation experience, and has jointly registered Shandong Shuangyi Yacht Co., Ltd., and Shuangyi Technology holds 70% of its shares. Double One Yacht plans to introduce more than 30 advanced production equipment (sets), 43 patented boat design and production technologies, 18 sets of boat production molds and related supporting facilities, and 32 ship-related product certifications, mainly sold to the United States, Canada, Australia, New Zealand and other markets. After completion of the project, it is estimated that the production scale of 2,000 sets of yachts and accessories will be achieved annually. The company continues to increase the number of composite materials for yachts and vehicles to build a new impetus for growth. We expect the company to achieve net profit of 180 million and 240 million yuan from 2019 to 2020. The corresponding PE is 14X and 11X respectively, maintaining the buying rating.