Incident: The company announced on April 23 that its revenue for 2015 was 1,301 billion yuan, up 5.25% year on year, and net profit was 43.1 million yuan, up 20.59% year on year; forecast Q1 revenue for 2016 was 276 million yuan, up 11.32% year on year, net profit was 8.7 million yuan, and net profit was 8.7 million yuan, up 12.44% year on year. The opinion of China Investment Electronics: High-end products are gradually being released, and the product structure has been significantly upgraded. The gross profit margin for Q4 in '15 was 27.46%, the highest quarterly gross profit margin since '12. The company adheres to the “craftsman” spirit of strengthening and refining power semiconductors and promotes the continuous expansion of the company's product line to the high-end field. At present, the company has mastered core technologies in various fields, from high-end electrode management to sixth-generation IGBT, and has gradually gained the ability to provide customers with one-stop overall solutions. The company increased its promotion efforts in emerging markets in Q1 '16, and has achieved a steady increase in sales revenue and gross margin. It is expected that the company's emerging markets will make a breakthrough from the first half of '16, and the annual performance is still guaranteed. Further increase investment in research and development of high-end products such as IGBT, and the development is full of momentum. In 2015, the company's R&D investment accounted for more than 6% of revenue. The R&D focus was on high-end products such as high-generation IGBT, COOLMOS, and TRENCH SBD. At present, major breakthroughs have been made in the core technology of high-end power semiconductors. New products have been gradually launched on the market. With the gradual mass production of the company's new products, the company's development momentum has been strongly guaranteed. The construction of process platforms has been continuously strengthened, and process technology transformation capabilities have been further enhanced. The ability to control process technology is the core competitiveness of the continuous development of power semiconductor enterprises. The company has continuously optimized the process on the basis of the accumulation of original technology. Currently, the integration of 4-inch wire to BJT, discharge tubes, and silicon controlled silicon product process technology platforms is not optimized, the integration of five-inch wire-to-plane, TRENCH high-end electrodes, and CMOS process technology platforms is not optimized, and the integration and optimization of six-inch wire-to-MOSFET and IGBT process technology platforms; the company's comprehensive process technology “control ability” has been fully reflected. Actively promote research and development and manufacturing of third-generation new materials and devices to overtake leading international companies in the field of power semiconductors, strive to be the first to enter the ranks of leading international companies in the domestic power semiconductor device industry at the end of the 13th Five-Year Plan period, and establish a national brand with international influence. Investment points: The company is a leading “chip-level” power semiconductor enterprise focusing on design+material innovation and special processes. It is also a scarce “autonomous and controllable” target for A-shares that have accumulated technology for more than 50 years. The company will achieve industry breakthroughs through long-term technology and market accumulation, which coincides with the investment and financing boom of leading local companies and the “golden cycle” of rapid development of leading international peers such as Infineon; actual controller changes and equity incentive plans mark the end of internal governance, and are expected to usher in a sustainable rapid development cycle.