Core view: We released the company's research report “Or a dark horse in the flat panel display module equipment industry” in May 2017, leading the judgment that Jintuo Co., Ltd. may rise to prominence in the field of flat panel display equipment. After nearly two years of development, the company's layout in the field of display panel equipment has matured and entered a harvest period. Some products are leading the import substitution process for display module core equipment in China. The complete system of optoelectronic module equipment is formed, and 3D laminating equipment will lead the import substitution process. After several years of development, the optoelectronic module equipment business has formed a complete system for various devices such as display module, glass cover coating and bonding, OLED display 3D bonding, camera module bonding, and fingerprint recognition module bonding. Among them, 3D bonding devices for flexible OLED displays have achieved client-side sample delivery verification, which is expected to achieve batch shipment and break the dependence of such devices on overseas companies. Domestic OLED projects have been launched one after another, and the company has a broad market space for optoelectronic module equipment. Under the trend of global display panel production capacity shifting to mainland China, domestic panel companies represented by BOE and Huaxing Optoelectronics are concentrating on launching flexible OLED construction projects. Taking BOE as an example, it has successively launched the Chengdu B7, Mianyang B11, Chongqing B12, and Fuqing B15 projects. The investment scale of each project has exceeded 40 billion yuan, of which equipment investment accounts for more than 60%. Taking the module section alone as an example, the BOE Mianyang B11 project requires more than 20 module lines. Referring to the price of 3D bonding equipment for a single module line of foreign equipment of 4 to 6 million US dollars, the demand for 3D laminating equipment for a single panel project is over 500 million yuan. The electronic assembly business is growing steadily, and optoelectronic module equipment will become a new driver for the company's growth. The company's electronic assembly business has grown into a domestic leader, leading the domestic market for wave soldering and reflow soldering equipment. After achieving continuous high growth for nearly three years, we determine that the business will enter a period of steady development and become a solid backing for the company's optoelectronic module business. At the same time, we judge that the company's optoelectronic module business will break through the category of cameras and fingerprint modules and show a multi-point development trend. Among them, 3D bonding equipment will bring significant revenue growth and drive the company's continued growth. Investment advice: Net profit due to mother is expected to be $96, 1.41, and 180 million yuan in 2018-20, up 19%, 47%, and 28% year over year. The corresponding EPS is 0.39, 0.58, and 0.74 yuan, respectively, and the corresponding PE is 54, 37, and 29 times, respectively. Maintain a highly recommended rating. Risk warning: Demand for electronic assembly equipment has declined, and the release of new products has fallen short of expectations.