The main investment point, BOE's order has been placed, compounded by the recovery of the main business, and the inflection point in performance has reached. According to the bidding network, BOE participated in the evaluation of two sets of laminating equipment on No. 3.29; according to the company's 4.11 announcement, BOE won the bid amount of 81.2 million yuan. In terms of incremental panel business, BOE orders are expected to provide strong performance support to the company in the second quarter. In terms of the company's main business, orders affected by macroeconomics from 18Q4 to 19Q1 fell short of expectations. Demand has gradually picked up since the beginning of this year, and there are many orders on hand, and Q2 will reflect this. Therefore, it is expected that 19Q2 will be an inflection point in the company's performance, and the company will embark on a growth path. The peak of OLED investment is approaching, and the company's orders have exceeded expectations, demonstrating competitiveness. OLED has become the upgrading direction of next-generation display technology. Major panel manufacturers around the world are actively investing in OLED production lines, and there are as many as 8 domestic production lines under construction. It is estimated that the amount of OLED bonding equipment in China from 2019 to 2021 will be 2.4, 3.2, and 2.5 billion yuan. Originally, 3D bonding equipment for OLEDs was mainly provided by Korean manufacturers, but now domestic production is being replaced at an accelerated pace. Jintuo Co., Ltd. is the first domestic manufacturer to receive this equipment. The demonstration is of great significance. It is expected that the company's incremental panel business will grow rapidly in the future. 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. The core logic now is that the inflection point of domestic replacement of 3D laminating equipment has arrived. The company is currently the only domestic equipment manufacturer that has placed orders. 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 investment in downstream panel manufacturers has not progressed as expected and competition in the industry will intensify