Event: The company announced its 2019 third quarter report. The first three quarters achieved revenue of 193 million yuan, a year-on-year increase of 21.92%, net profit of 53.54 million yuan, a year-on-year increase of 21.07%, net profit of a net income of 35.24 million yuan, a year-on-year increase of 32.61%; 2019 Q3 achieved revenue of 68.22 million yuan in a single quarter, an increase of 19.90%, and net profit of 17.79 million yuan, an increase of 16.04% year-on-year. The domestic market is full of orders, and the overseas market is developing healthily. In the first three quarters of 2019, the company continued to achieve steady and sustained profitable growth. The company adheres to the core business strategy, implements product upgrades and iterations, and explores the business potential of testing products. The sales volume of ConST810 series products using more than ten independent patented technologies increased dramatically year-on-year, and user recognition of high-end new products increased rapidly. The domestic market is full of orders, and the field of measurement and testing grew rapidly year-on-year. With the exception of the power industry, which declined slightly, all other industry segments maintained steady growth; the international market relied on the advantages of high-end products and services to hedge against the impact of trade frictions through a multi-core linkage model of “testing products+testing services”. Profitability declined slightly due to R&D expenses and non-recurring profit and loss. The company's net profit margin for the first three quarters was 26.08%, down 1.06 percentage points from the previous year. Among them, the company's comprehensive gross margin for the first three quarters was 70.23%, an increase of 2.05 percentage points over the previous year; the cost ratio for the period was 41.01%, an increase of 3.89 percentage points over the previous year. The company adheres to disruptive innovation and continues to invest in a high proportion of R&D. In the first three quarters of 2019, the company invested 2.07 million yuan in R&D expenses, and R&D expenses accounted for 11.43% of the company's revenue. The launch of a Const 685 intelligent multi-channel thermometer with 8 and a half digit measurement accuracy broke the monopoly pattern of foreign technology in high-precision measurement in related application fields. The company's continuous high R&D investment and continuous product innovation are the “driving force” for the company to maintain its growth and high profitability. Profit forecast: We expect the company's net profit attributable to the owners of the parent company in 2019-2021 to be 92.63 million yuan, 113 million yuan and 135 million yuan respectively, equivalent to EPS of 0.57 yuan, 0.69 yuan and 0.83 yuan respectively. Based on the closing price of the most recent trading day of 14.68 yuan, the corresponding price-earnings ratios are 26 times, 21 times and 18 times respectively. Maintain the company's “prudently recommended” investment rating. Risk warning: 1) trade disputes intensified; 2) sales of new products fell short of expectations.