Key investment points AMOLED has become the upgrade direction for next-generation display technology. Major panel manufacturers around the world are actively investing in AMOLED production lines, and there are as many as 8 domestic production lines under construction. It is estimated that the amount of domestic OLED bonding equipment from 2019 to 2021 will be 2.4, 3.2, and 2.5 billion yuan. Originally, AMOLED's 3D bonding equipment was mainly provided by Korean manufacturers, but now domestic production substitution is accelerating, and domestic equipment manufacturers, represented by Jintuo Co., Ltd., are the first to benefit. In the 3D Lamination localization process, Jintuo Co., Ltd. won. TopTec is the main supplier of Samsung 3D Lamination equipment in South Korea, and this equipment from domestic panel manufacturers is also imported from South Korea. In March 2019, the bidding website showed that Jintuo Co., Ltd. won the bid for two sets of equipment for BOE's Mianyang 6th generation AMOLED production line. As a representative of domestic alternatives, Jintuo Co., Ltd. has made a certain breakthrough. With the deployment of optoelectronics in 2016, downstream demand can be expected to grow. Optics and biometrics are promising sub-fields in the consumer electronics sector. Changes and innovations are rapid, and the track is of high quality. The company is currently one of the main suppliers of 3D camera modules and under-screen fingerprint equipment, and is expected to benefit from increased downstream demand. The company has been deeply involved in the electronic assembly equipment industry for many years, and has continuously launched new photoelectric module products to achieve two-wheel drive. Currently, the core logic is that the inflection point of domestic replacement of 3D bonding equipment has arrived. The company is currently the only domestic equipment manufacturer that has placed orders in the bidding network. We estimate that there is a lot of room for domestic OLED equipment investment demand in the future, and the company is expected to benefit from this wave of domestic replacement dividends. The company's net profit from 2019 to 2020 is estimated to be 1.72 million yuan and 235 million yuan respectively, maintaining a “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