1. The traditional main business of keyboard and mouse is still supported by performance, and e-sports is an important growth point. There are more and more high-end players, the rise of high-end sports venues such as high-end Internet cafes, and the return of mechanical keyboards have brought a large number of market opportunities to the company's main keyboard and mouse business. Entering an Internet cafe can fully bring out the advantages of the company's offline channels. The e-sports sector was in the layout stage last year, but this year it is basically following the company's layout. The trend is obvious, and the Internet cafe market is progressing in line with the company's expectations. The traditional keyboard and mouse business can maintain the current revenue of more than 300 million and nearly 400 million dollars. Optimistic estimates of this year's e-sports keyboard mouse may surpass the historical high of traditional keyboards and mice, which is a strong support for the company's business. 2. The robot business focuses on 3C industrial system integration. Robotics companies mainly do system integration for the 3C industry. The company has competitive advantages such as first-mover advantage, high efficiency, and understanding of industry conditions from the manufacturing industry, etc., and is at the forefront of 3C manufacturing system integration. Currently, it is necessary to integrate detailed competitive advantages and wait for the industry to truly explode. 3. The drone business focuses on the strategic layout of industry applications, emphasizing playability and sociability. There is a large capital bubble in the consumer drone industry, and only a small number of companies will be able to launch products on the market. In terms of consumer-grade drones, companies do not compete directly with DJI; it is enough to maintain a market share of 3% to 5%, focusing on the strategic layout of industry applications. Cooperation with Tencent values is the degree of popularity of Tencent's products, Internet resources, and playability. These characteristics can be used to build communities for drone communication, giving products not only the attributes of the Internet, but also social attributes. The price of the most basic version of the drone launched by Zero will be below 3,000 yuan, emphasizing playability. The price drop has made it highly competitive among products of the same price. The company and Tencent carry out joint product development and joint operation of the two brands. The price position will be below 2,000 yuan, small in size after folding, and very portable. The product was released in January, but now it is in the large-scale closed beta stage, and will be officially launched for sale in June and July. 4. Investment suggestions: The company is expected to achieve net profit attributable to the parent company of 346 million yuan and 201 million yuan in 16-17, corresponding to EPS of 1.22 and 0.71 yuan, and corresponding PE of 40X and 69X, maintaining a highly recommended rating.