Incidents. Recently, China Aviation Telecommunication Survey released a three-quarter report showing that it achieved operating income of 1,329 billion yuan, an increase of 14.87% over the previous year, and realized net profit of 221 million yuan, an increase of 18.73% over the previous year. Brief review Recently, China Aviation Electric Survey released a three-quarter report showing that it achieved operating income of 1,329 billion yuan, an increase of 14.87% over the previous year, realized net profit of 221 million yuan, an increase of 18.73% over the previous year, and net profit growth rate of 22.05% after deduction. The performance growth rate for the third quarter was faster than the first half of the year. Looking at a single quarter in the third quarter, revenue increased 34.79% year on year, and net profit increased 26.08% year on year. Mainly because military products continue to release performance, consumer electronics and other civilian goods businesses are expanding. R&D expenses increased by 70.82%, indicating that the company continues to improve R&D capabilities and reserve new products. The company's notes receivable and accounts receivable increased 8.28% year on year, and inventory increased 24.84% year on year, indicating that the company is currently selling military products well and is actively preparing for production. The net cash flow from operating activities decreased by 81.18% year-on-year, mainly due to the gradual release of the current industry policy dividend for the subsidiary Shijiazhuang Huayan, and a decrease in the amount received in advance compared to the previous year. On the military and civilian side, the finalization and release of major models of downstream aviation products, combined with the increase in orders in the latter half of the 13th Five-Year Plan period, is expected to achieve significant growth in 2020. The main products of China Aviation's electrical testing and military products include electrical testing and control, and airborne power distribution. With the delivery of key models from downstream customers and the smooth progress of key projects, airborne electrical testing products are progressing hand in hand with power distribution control systems, and demand is strong. Among them, airborne electrical testing products target the world's cutting-edge technology and are jointly developed with the mainframe, and a certain type of helicopter lifting and launch system has been highly recognized by customers; the development of certain system products has progressed smoothly, achieving a breakthrough in transformation from component level to system level, and has achieved specialization and serialization; the subsidiary Hanzhong 101 has further consolidated the development position of “one specialty, two platforms, one basic device” and carried out special Z-XX high-quality engineering work. The company's strain measurement field has been actively transformed and upgraded to logistics, health, health, etc. Fields such as testing and consumer electronics are developing rapidly, and demand for related products is increasing. In particular, demand for certain key types of strain gauge projects in the consumer electronics field is still strong, promoting steady growth in adaptive electrical testing and control services. In the future, with the improvement of basic technologies such as 5G and the development of technologies such as the Internet of Things in industrial grade applications, the company is expected to benefit as a leading company in the field of strain measurement. In terms of intelligent transportation, in 2019, the state implemented new environmental monitoring standards. OBD inspections were added to the new standards, and nitrogen oxide inspections were added to diesel engines. Therefore, motor vehicle inspection systems need to be upgraded and upgraded, and demand in the motor vehicle inspection industry will experience relatively rapid growth in the short term. The subsidiary Shijiazhuang Huayan has been positively affected by the current upgrade of environmental monitoring standards, and contract orders have increased dramatically. It is mainly due to the increase in sales orders from Huayan in Shijiazhuang in the current period, and the rapid growth in products issued, laying the foundation for subsequent revenue growth. Profit forecast and investment rating: The company is mainly engaged in intelligent measurement and control business. The company's main business segments include civilian goods such as aviation and military products and motor vehicle testing, and the downstream market sentiment is in an upward range. Benefiting from the increase in orders for military products in the late “13th Five-Year Plan” period, the company's aviation and military business grew at a remarkable rate; benefiting from the introduction of new environmental protection standards, the company's motor vehicle inspection business contract orders increased dramatically. With the growth of the IoT industry, the company's adaptive measurement business has a lot of room for development in civilian products. The company's net profit from 2020 to 2022 is expected to be 2.63, 330, and 396 million yuan, respectively, with year-on-year increases of 23.79%, 25.63%, and 19.89%, respectively. The corresponding EPS for the year 20 to 22 was 0.45, 0.56, and 0.67 yuan respectively, corresponding to the current stock price PE of 36, 29, and 24 times, maintaining an increase in holdings ratings. Risk warning: military product growth falls short of expectations; motor vehicle inspection business growth rate is lower than expected;