Performance Report: In 2019, the company achieved total revenue of 2.112 billion yuan, down 10.82% from the same period last year, and operating profit of 210 million yuan, an increase of 94.37% over the same period last year, and a total profit of 228 million yuan, an increase of 108.22% over the same period last year. Net profit attributable to shareholders of listed companies was 200 million yuan, an increase of 117.38% over the same period last year, and the profit growth rate was in line with expectations. Comment: The share of high-value-added products continued to increase, and the company's profitability increased in 2019. The company's revenue was 2.122 billion yuan, yoy -10.82%. According to the company's regular announcements in 2019, we speculate that the decline in revenue was the highest share of revenue, but was due to negative gross profit rather than a decrease in revenue from the sales materials business of the company's main business. At the same time, along with the high gross margin products pea protein and dietary fiber (2019H1 at 60%/59% respectively), the share of revenue increased, and the gross margin of the fan business began to pick up (2019H1 increased 2.5 pct year on year), the company achieved net profit of 200 million yuan in 2019, yoy +117.38%. On February 24, the company's subsidiary signed an 85% pea protein sales contract with Beyond Meat, purchasing the first batch of pea protein of about 285 tons. Previously, the company supplied goods downstream indirectly through dealers, and the actual price difference was large. Currently, the company has signed a sales contract directly with downstream, and we expect the tonnage price to rise directly, increasing the company's profitability. In the first three quarters of 2019, Beyond Meat's revenue/profit grew rapidly, yoy +250%/253%. It is expected that demand for pea protein procurement will continue to increase in the future, and the company's high profit growth is expected to continue. Quality technology has been recognized by leading artificial meat companies, and the international brand strength has been enhanced. Beyond Meat is the leading artificial meat company in the US. It was successfully listed on the NASDAQ in May 2019. It is the first artificial meat stock. It soared 163% on the day of listing, and the market attention was extremely high. The collaboration between Beyond Meat and the company confirmed the company's position in the international pea protein industry, recognized the quality of the company's pea protein and the world's leading technology, and enhanced the company's international influence and brand power. The company will further open up the international market and lead the development of international high-end protein, and international orders are expected to increase. The 100,000-ton pea processing project was successfully tested. On February 18, the company's 100,000-ton pea deep processing project was successfully tested. After it was put into operation, the company's pea protein production capacity reached about 70,000 tons per year, including 40,000 tons of high-end protein and 30,000 tons of low-end protein. Along with the expansion of high-end protein production capacity, the company's profitability is expected to increase further. Currently, the company accounts for about 30-40% of the world's pea protein production capacity. Under the rapid development trend of the artificial meat industry, the company will continue to expand production capacity to meet market demand, further increase market share, and achieve simultaneous improvement in product quality and scale. Profit forecast: Based on the 19-year performance forecast, the company's revenue and profit growth rate were slightly lowered, and the company's 2019-2021 revenue was adjusted from 24.02/28.46/38.25 billion yuan to 21.22/24.96/3.20 billion yuan, up -10.82%/17.65%/32.99% year on year, and net profit adjusted from 2.16/392/684 million yuan to 2001/31/599 million yuan, up 117.38%/80.62%/66.07% year on year. EPS was 0.16/0.29/0.48 yuan respectively, maintaining the company's buying rating. Risk warning: food safety risk; risk of raw material price fluctuations; protein sales falling short of expectations