Incident: On September 11, 2019, Apple's 2019 fall press conference was held at the Steve Jobs Theater in California, USA. According to its official website, the iPhone 11 series is expected to be equipped with ultra-wideband technology (“UWB”). Ultra-wideband technology has entered the eyes of investors, and its value in the civilian market is expected to gradually be reflected. Runan Technology, a subsidiary of Haoyun Technology Holdings, has been deeply involved in UWB technology for many years, and mature products are expected to be applied in many fields. UWB is currently mainly used for fast data transmission, distance measurement and indoor positioning between devices. Apple currently favors the first two, and Runan Technology is biased towards the latter two: ultra-wideband technology is currently mainly used for fast data transmission and indoor positioning due to its characteristics such as high positioning accuracy, fast transmission, and low power consumption. Apple uses UWB technology mainly to enable UWB devices to share relative distance measurement and positioning data between them to achieve more accurate inter-device positioning and file transmission. Runan Technology currently mainly uses UWB technology for indoor positioning, intelligent device distance measurement, etc. Fields, such as prisons, social corrections, etc., have a wider potential market space in this field. Currently, Runan Technology's indoor static positioning accuracy can reach 2 cm, and its high-precision technology is 1-2 years ahead of the same industry. Apple uses a newly designed U1 chip to achieve spatial perception: According to Apple's official website, its newly designed U1 chip uses ultra-wideband technology to achieve spatial perception, allowing the iPhone 11 series to accurately position other Apple devices also equipped with U1. When using AirDrop, devices equipped with a U1 chip and iOS 13 only need to point the iPhone at another person's iPhone, and the system will prioritize the other party and share files more quickly. Runan Technology has been deeply involved in UWB technology for many years, and has applied related technologies and products in various fields such as smart justice and nuclear power: Runan Technology, the holding subsidiary of the company, has been deeply involved in UWB technology for many years. Prior to applying UWB technology to Apple phones, Runan Technology had already mastered the technology to embed UWB into mobile phones, formed mature products, and applied related technologies and products in various fields such as smart justice and nuclear power. In the field of smart supervision, the company implants UWB technology into terminals such as police mobile phones and supervisory phones, and corresponding smart bracelets to locate personnel and transmit information. At present, the company has mastered the technology of embedding UWB into mobile phones, and has formed mature products, and has implemented mature cases in various fields. It has a very broad market and competitive advantage for future applications in the civilian field. The company holds Runan Technology, leading the industry in smart judicial solutions. Runan Technology is a nationwide provider of customized solutions integrating product development, system customization, implementation and maintenance for the fields of digital prisons, smart nuclear power, smart border inspection, smart medical care, etc., and its business covers Guangdong, Fujian, Shandong, Xinjiang and other provinces and cities. Since 2012, Runan Technology has been developing smart social corrections and smart prison products with the support of the Shenzhen Science and Technology Innovation Commission. Currently, it has a significant leading edge in the accumulation of technologies and products such as ultra-broadband high-precision positioning technology, electronic fencing, low power consumption technology for watch power supplies, big data analysis of location trajectory, smart prison platform systems, and smart social corrections platform systems and solutions. Among them, the “Smart Community Correction” product has successfully embedded UWB technology into mobile phones and smart wristbands to identify and locate supervised personnel. The product has already landed in Shenzhen. It was demonstrated and exchanged as one of 8 selected projects at the National Judicial Administration Informatization Promotion Conference held in October last year, and received full recognition from ministry leaders. Furthermore, in November 2018, the company signed a strategic cooperation agreement with Guangdong Telecom to conduct in-depth cooperation in the field of judicial administration of justice informatization to jointly explore the market, and growth can be expected. In products such as smart prison electronic identity management platforms, the company mainly relies on mobile IoT technology (UWB indoor accurate positioning technology, etc.) to focus on spatial location, collect all activity trajectories of supervised objects, generate electronic basic data, provide a basis for analysis, investigation, and disposal for smart supervision through big data technology, and achieve accurate, real-time, and efficient control. Investment suggestion: Ultra wideband technology is a wireless carrier communication technology. It has the advantages of high positioning accuracy, strong anti-interference ability, good security, fast transmission speed, and low power consumption. It is based on the above characteristics that Apple phones have introduced this technology in new phones. This also reflects the recognition of UWB technology from the side and redefines the application value of this technology in the civilian market. As a manufacturer that can provide mature products based on UWB technology and successfully apply them in related sub-fields, the company is expected to fully benefit from the broad market brought about by the development of UWB technology by accumulating early technical advantages and mature product design capabilities. The company is expected to achieve operating income of 1,022 billion yuan, 1,388 billion yuan and 1,876 billion yuan, net profit of 191 million yuan, 230 million yuan and 302 million yuan respectively in 2019-2021, and EPS of 0.28 yuan, 0.33 yuan and 0.44 yuan respectively, maintaining the “Highly Recommended” rating. Risk warning: The administration of justice informatization construction process falls short of expectations; Runan Technology's business expansion falls short of expectations; UWB technology advancement falls short of expectations.