The main investment points are strategically positioned for high-end equipment and intelligent manufacturing, and two-wheel drive for integrated equipment and module equipment. Since its establishment, the company has been deeply involved in electronic equipment, continuously developing new products with high-end equipment+intelligent manufacturing as the development direction, forming a two-wheel drive business layout for electronic assembly equipment and optoelectronic module equipment. Among them, complete assembly equipment is the company's traditional dominant business, which can contribute to steady performance growth and cash flow. Optoelectronic module equipment is continuously recognized by major customers and has become a new engine for the company's performance growth. Optoelectronic module equipment realizes import substitution, continuously develops new products, and opens up new customers. In 2015, the company entered the field of optoelectronic module equipment through cooperation with OFI Technology to develop capacitive fingerprint module equipment, then extended to underscreen fingerprint module equipment and camera module equipment. The company became the first manufacturer of underscreen fingerprint module equipment in China, and its products were used in Huawei, VIVO and Xiaomi's underscreen fingerprint phones. Related equipment such as 3D glass, 3D bonding, and display modules has also been further developed. Prototypes of 3D bonding equipment for OLED screens are currently being verified on clients. In addition, the company is also currently developing Demura automatic external compensation equipment for OLED screen inspection and CGAOI testing equipment for cover plate detection. Prototypes of these two devices have been developed and are expected to break overseas monopolies in the future and bring flexibility to the company's performance. Flexible OLED production continues to expand, and localization accelerates. Samsung, Huawei, Xiaomi, OPPO, etc. have launched folding screen phones one after another, and LG has launched rollable TVs, driving domestic panel manufacturers to increase flexible OLED production capacity. Currently, BOE plans 4 6th generation lines, Visiono plans 2 6th generation lines, and Huaxing Optoelectronics and Shentianma A each have planned 1 6th generation line, etc., thus bringing the OLED equipment industry to maintain a high level of prosperity. Furthermore, after some critical equipment was banned, it brought further opportunities for equipment localization. According to our industry chain research, leading downstream panel manufacturers have now cooperated with many enterprises to accelerate the localization process of panel equipment. Profit forecast and rating: The company has been deeply involved in the electronic assembly equipment industry for many years, and has continuously launched new optoelectronic module products to achieve two-wheel drive. The company's EPS for 2019 to 2020 is expected to be 0.69/0.89 yuan respectively, and the PE corresponding to the closing price on April 1 is 23x/17x, maintaining the “prudent increase in holdings” rating. Risk warning: The risk that order execution and revenue confirmation fall short of expectations, and increased competition in the industry.