Guide to this report: The company is expected to continue to gain recognition from customers in terms of product quality, delivery guarantee, and product design capabilities. In the medium to long term, it will continue to develop regional sales channel customers and actively experiment with overseas e-commerce platform sales promotion. Investment points: The target price is S3.23 yuan, which for the first time has been covered and given a “neutral” rating. As the trade war progresses, the market is worried about the steady growth of export-oriented enterprises; the company is expected to continue to explore the market by relying on product quality, delivery guarantees, and product design capabilities, etc., and pessimistic market expectations are expected to be fixed to a certain extent. We forecast an EPS of 0.13/0.16/0.20 yuan from 2019 to 2021. Considering that the company is the leader and referring to comparable companies, 20 times PE was given in 2020, corresponding to the target price of 3.23 yuan, a neutral rating for coverage for the first time. The retail and manufacturing chains of outdoor furniture in the US develop independently, and differ in various aspects such as industry size, market concentration, and channel structure. In 2018, the retail scale of outdoor furniture in the US was US$6.345 billion, forming a channel structure dominated by e-commerce platforms. CR4 is expected to reach 67.7% in 2019. The manufacturing scale is US$1,996 billion. The sales channels are dominated by offline retailers. The market pattern is relatively scattered, and the manufacturing process is highly dependent on Chinese imports. This provides market space for domestic exporters. The traditional main leisure furniture business is growing steadily, actively deploying overseas channels. The company's products mainly include three series of outdoor leisure furniture, umbrellas, and tents. The revenue scale has maintained relatively steady growth, and net profit fluctuations are relatively obvious due to the price of raw materials and the external environment. In terms of channels, the company has its own import and export rights, and enhances customer recognition through product quality, delivery guarantee, and product design capabilities. Actively deploy the tourism product distribution market and create a comprehensive service provider integrating tourism product distribution system+marketing tools+payment solutions. The company lays out the tourism industry through external investment and equity participation, and actively expands the coverage of the industrial chain. After years of product development and technical reserves, the company has established a good market reputation in the field of tourism product distribution, providing comprehensive services to various types of customers. As the development of new businesses progresses steadily, the company's comprehensive service capabilities are expected to be further cultivated. Risk warning: the risk of raw material price fluctuations, exchange rate fluctuations and the impact of tariffs