Break through flexible OLED screen 3D laminating equipment technology and develop a new product, D-Lami bonding equipment. Due to foreign exports of color control OLED-related technology, domestic equipment has ushered in a good opportunity to replace domestic production. The company broke through the bottleneck in the development of 3D bonding equipment related to OLED flexible screens, and won the bid for the project with an order of 81.2 million yuan from BOE Mianyang on April 11, 2019, breaking the long-standing foreign technology monopoly. There are plenty of technical reserves, and new growth drivers are being laid out. The company's R&D amount was 27.61 million yuan, up 13.72% year-on-year, accounting for 4.67% of revenue during the reporting period. Excluding the four types of camera module production equipment, optical fingerprint module bonding equipment, full-screen COG bonding, and intelligent and efficient reflow soldering, eight other devices are in the prototype testing, marketing, and small-batch production stages. The technical reserves are rich, and it is expected to form new profit growth points in the future. The company has been deeply involved in the electronics assembly equipment industry for many years, and has continuously launched new optoelectronic module products to achieve two-wheel drive. Currently, the core logic is that the inflection point of domestic replacement for 3D laminating equipment has been reached, and the company is currently the only domestic equipment manufacturer that has placed orders. We estimate that there is plenty of room for domestic OLED equipment investment 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 billion yuan and 235 million yuan, respectively, maintaining a “prudent increase” rating. Risk warning: Downstream panel factory investment progress falls short of expectations, risk of increased industry competition