During the transition from small pieces to large products, the company's performance will accelerate in the next three years. In the next three years, the company enjoys the following three major dividends:

(1) the single machine value of large pieces is far higher than that of small pieces, and the corresponding market capacity is far higher than that of small pieces.

(2) the consumption of large parts to the company's R & D resources and management resources is far lower than that of small pieces. The efficiency of the company's resource utilization will rise substantially.

(3) the company occupies the technical highland of the medical structure, and the innovation process ability of the consumer electronics is far more than the same.

The company is in deep service to the needs of the custom metal structure of apple, the product line structure from small metal parts to metal pieces, open three years of long-term growth space. The sum of the value of a single machine, such as keypad, mobile phone ring and logo small product line is about 50 yuan. The value of the Hinge of the stainless steel mobile phone box, laptop bottomcase and laptop computer will reach hundreds of yuan, and the value of the single machine will rise significantly.

The trend of industrial transfer is spreading from metal precision processing industry to its upstream CNC equipment, and the localization of CNC equipment is the trend of the next few years. The new entrants of large metal parts generally adopt domestic CNC equipment, which has formed a great advantage in the production cost of large metal parts. We judge that the localization of CNC will promote the reshaping of the metal parts processing industry. Corson technology precision machining technology to accumulate abundant in small, mature technology is relatively easy to copy large products, on the other hand, with the development path of domestic CNC equipment cost advantage products starting very smoothly.

Earnings forecasts and investment rating: we Forecast Ltd 2017-2019 revenues were 2 billion 322 million yuan, 4 billion 84 million yuan, 5 billion 280 million yuan, owned by the parent net profit was 273 million yuan, 511 million yuan, 647 million yuan, EPS were 0.93 yuan, 1.73 yuan, 2.20 yuan, corresponding to the current share price of P/E were 37.63 times, 20.14 times, 15.89 times, given the highly recommended rating.