The incident company released the 2019 semi-annual performance forecast on July 10, 2019. 2019H1 is expected to achieve net profit of 0.66 to 75 million yuan, an increase of 50%-70% over the previous year. Meanwhile, the impact of non-recurring profit and loss on net profit during the reporting period was approximately $13 million. Briefly comment on the recovery in wind power installations. Since the company's performance has continued to grow at a high rate for 19 years, wind power installations have clearly picked up. Driven by this, the company's orders have increased markedly, and performance has continued to improve dramatically. The company achieved net profit of 35 million yuan in Q1. Based on this calculation, the company Q2 is expected to achieve net profit of 0.31-042 million yuan. At the same time, Q1 has confirmed a total of about 12 million yuan of non-recurring profit and loss (mainly government subsidies, etc.), that is, only about 01 million yuan of profit realized by Q2 companies is due to non-current projects. After deducting non-current projects, Q2 performance increased by about 52%-108% year on year, reflecting high profit quality and profit growth. The market boom will continue to be maintained for the next two years. 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, the wind power price Internet will be implemented, and 2019-2020 will usher in a wave of wind power rush, and industry prosperity will improve. At the same time, based on the continuous pursuit of offshore wind power and new energy, overseas orders will also continue to grow. According to the Vestas annual report, it has ongoing orders of 15.6 GW in 2018, an increase of 36% over the previous year; on the other hand, from the company's own perspective, The impact of the integration of Siemens Gamesa completely disappeared in 2019. The company's orders are expected to be substantially full, and performance is reversed. Fund-raising projects continue to be implemented. To solve the company's production capacity bottleneck, the fund-raising projects were put into operation one after another 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 in Yancheng, Yucheng. 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 181 million and 239 million yuan in 2019-2020. The corresponding PE is 14X and 11X respectively, maintaining the buying rating.