The company released its 19-year annual report. Revenue was basically the same during the annual report period, and profit increased 13% year over year. The motorcycle business and general machinery business are growing steadily and stabilizing their leading position in the industry. Aviation, new energy, and high-end parts businesses are advancing at an accelerated pace, and are expected to become new profit growth points for the company. The company's PE and PB corresponding to '19 were 14.5 and 1.4, respectively, maintaining the “Prudent Recommendation-A” investment rating. The company released its 19-year annual report, with steady growth in performance. The company released its 2019 annual report: total operating income for the whole year was 5.59 billion yuan, -3.4% year-on-year; net profit of the mother was 4.2 billion yuan, up 12.8% year on year. Among them, 4Q18 achieved operating income of 1.51 billion yuan, an increase of 14.3% over the previous year; net profit of the mother was 83 million yuan, an increase of 3% over the previous year. The net cash flow from the company's annual operating activities was 790 million yuan, an increase of 84.3% over the previous year. The company plans to distribute cash dividends of 3 yuan for every 10 shares in 2019, with a dividend rate of 82%. The company consolidates and enhances its dominant position in the two traditional main businesses of motorcycle engines and general aviation, and accelerates the construction of three major platform businesses: aerodynamics, high-end components, and new energy. Motorcycle sales have improved, and general machinery production and sales are leading. The entire industry sold 17.1326 million motorcycles throughout the year, an increase of 10.03% over the previous year. Zongshen Engine Company, a wholly-owned subsidiary of the company, has stepped up product restructuring and overseas market expansion efforts, overcome cost shocks, increased its share and competitiveness, and its share of high-volume sales is increasing year by year. The company sold 2.7965 million units of engine products and a net profit of 160 million yuan. The company has accelerated the integration of the two major manufacturers of General Motors and Dajiang Power in terms of general transportation. The product structure continues to be optimized and exported to 132 countries and regions around the world; it has achieved sales of 2,7628 million units of transmission power and terminal products, with a net profit of 164 million yuan. The promotion of new businesses is accelerating, and industries are being upgraded and transformed. Zongshen Hangfa is committed to building a complete supporting supply of domestic aero engines, and has provided powertrains for the Rainbow and Pterosaur series drones. The aeronautical variable pitch propeller has passed the review for the expansion of contract qualifications and has achieved small-batch production. Currently, the company has initiated the first round of capital increases for aviation development companies and is actively promoting the introduction of strategic investors and other related work. The revenue scale of aviation development companies has increased dramatically, and it is expected that the sales revenue and profit scale of aviation companies will continue to grow rapidly. The company accelerated research and development in the field of new energy and completed the layout of products or businesses such as “motors, electronic controls, batteries, range extenders, wireless charging, and core component materials”. In terms of hydrogen energy business: The company completed the demonstration of hydrogen fuel cell distributed power generation and forklift application scenarios. The company's high-end parts business has covered transmissions, engine blocks, new energy transmission systems, etc., and is expected to become an additional profit point. Risk warning: The motorcycle business falls short of expectations, and the general aircraft business falls short of expectations.