The main investment focuses on precision metal manufacturing, moving from small but beautiful to big and strong: Corson Technology has mastered a complete set of precision metal manufacturing services and supporting technical methods such as precision molds, stamping, cutting, die-casting, CNC, PVD, anodizing, powder molding, injection molding, etc., and has a rich product line and is supplied to well-known international customers in the consumer electronics, medical and new energy fields such as Apple, Sony, Medtronic, Ke Hui, Solar City, and Iron Ridge. After entering Apple's supply chain, the company's performance growth entered a fast track, and the products provided expanded from a single tablet series to product structural components such as mobile phones, tablets and ancillary products, laptops, and headsets. This year, the company entered large products such as mobile phone frames and notebook cases. The IPO raised 990 million yuan to break the bottleneck in production capacity, and issued convertible bonds to raise 6100 million yuan in capital. On top of the existing Kunshan base, Dongtai and Xinghui's new production bases were added, and the production scale was greatly expanded. On the tenth anniversary of the iPhone, the company was able to benefit from the iPhone X supercycle to achieve leaps and bounds of growth. Moving towards the demetallization of the 5G back cover highlights the position of the middle frame, and the high value volume opens up the incremental market for metal processing: 5G and wireless charging technology continue to advance, metal case signal blocking has become a major bottleneck, and smartphone metal frame plus non-metallic back cover has gradually become the mainstream choice in the market. As a key structural component of a mobile phone, the metal middle frame needs to be fixed and supported for the display screen and glass back cover. At the same time, it also needs to be intensively perforated and grooved on both sides to carry internal structural parts, functional modules, PCB motherboards, etc. Stainless steel materials are favored. Stainless steel processing accuracy is finer, processing time is longer, and the value of stand-alone machines is higher than that of traditional aluminum alloys, opening up room for growth in the metal processing market. Judging from the supply and demand relationship in the current market, since new materials need to increase processing time, the supply and demand relationship of the industry is skewed towards the supply side, leading enterprises with advantages in technological strength and scale of production capacity will benefit the development of the industry as priority. Medical care and new energy are expected to become the company's new performance driving points: the company has accumulated a deep accumulation of precision metal structural components for medical devices and has passed the ISO13485 medical device quality management system certification and the certification of well-known foreign medical device manufacturer American Kehui Group. The company takes cooperation with Ke Hui as the main line, increases expansion efforts in product quality and new product process research and development, and promotes further cooperation with customers. Taking Medtronic's acquisition of Kehui as an opportunity, the company successfully became a supplier to other Medtronic companies. The company's IPO fundraising project will add 4.5 million pieces of medical surgical components every year. As the company accelerates research and development of new products, further breakthroughs will be achieved in the medical device structural parts business. Photovoltaic products have ushered in new developments along with the recovery of the new energy industry. Investment advice: Our company predicts earnings per share from 2017 to 2019 to 1.07, 2.06, and 2.49 yuan, respectively. The return on net assets was 19.1%, 26.9%, and 24.6%, respectively. Buy-B recommendations were given. The six-month target price was 55.6 yuan, which is equivalent to the dynamic price-earnings ratios of 51.9, 27.0, and 22.3 times from 2017 to 2019. Risk warning: New product shipments from major customers fall short of expectations; it is difficult to resolve the problem of rising yield in the company's core product expansion in a timely manner; the speed of the company's capital operation and production capacity expansion falls short of expectations; in market competition, other customers in the industrial chain have penetrated into the metal frame and brought new competitive tests.