The 2018 and 1Q19 results are in line with expectations. The company announced 2018 and 1Q19 results: 2018 operating income of 3.258 billion yuan, up 6.1% year on year; net profit attributable to the parent company was 149 million yuan, down 13.9% year on year, and earnings per share were 0.42 yuan. Corresponding to 4Q18 revenue was 991 million yuan, up 7.2% year on year; net profit belonging to the parent company was 34 million yuan, down 42.1% year on year. The 2018 dividend was 0.15 yuan/share, with a dividend rate of 34.4%. Considering the repurchase of shares of 85 million yuan, shareholders' capital accounted for 91.4% of net profit in 2018. 1Q19 revenue was 860 million yuan, up 4.9% year on year; net profit attributable to parent company was 48 million yuan, up 12.3% year on year. Business analysis: 1) Cookware revenue was 26.1 billion yuan, the same as the previous year. Considering the export business of 1.12 billion yuan, a year-on-year increase of 5.1%, domestic cookware sales are estimated to have declined slightly. Cookware sold 34.86 million sets, which is equivalent to 56% of Supor's sales. 2) The revenue from the small household appliances business was 370 million yuan, up 1.9% year on year. The sales volume of small household appliances was 2.74 million units, which lacked the effect of scale. 3) Robotics business revenue was 210 million yuan, up 335.8% year over year, mainly due to acquisitions. 2018 Financial Analysis: 1) Gross margin fell 2.4ppt to 37.1%, leading to a decrease in net profit margin to mother of 4.6%. The rise in raw material costs is the main reason for the decline in gross margin. 2) Net operating cash flow of 141 million yuan, which is in line with net profit. 3) R&D expenses of 150 million yuan, accounting for 4.6% of revenue. 4) Small losses in the robotics and small household appliances business. Development Trend Company continues to increase investment in the robotics business. It plans to acquire 39% of Qianjiang Robotics shares from Qianjiang Motor (000913.SZ) for 137.28 million yuan. After the acquisition is completed, the company will hold 90% of Qianjiang Robotics shares. The plan is to increase its holdings in the new third board of IOS (831758.OC) by no more than 12 million yuan, and it is expected to obtain 8.68% of the shares. Previously, the company already held 2.53% of the shares. The profit forecast maintains the 2019/20 EPS forecast of 0.50 yuan/0.57 yuan. Evaluations and recommendations maintain neutral ratings. Maintain the target price of 10.00 yuan, corresponding to 20x/17x 2019/20e P/E, compared to the current share price increase of 15%. The company's current stock price corresponds to 17x/15x 2019/20ep/e. Risk Risk of RMB exchange rate fluctuations.