Guide to this report: As a leading manufacturer of three-dimensional garages in China, with the continuous advancement of national policies and accelerated growth in industry demand, the company received additional approval to expand production capacity and increase research and development efforts. First coverage, target price 7.80 yuan Investment points: For the first time, a “gain” rating was given, and the target price was 7.80 yuan. The market generally believes that Wuyang Parking is the leading manufacturer of car parking equipment in China, but it ignores the company's progress in extending downstream into the field of parking lot operations and the intensity and frequency of the country's introduction of policies related to parking lot operations. We believe that, on the one hand, the company has become a leader in the three-dimensional equipment industry through the acquisition of Shandong Tianchen and Weichuang's automated three-dimensional parking garage equipment industry. In the future, it will benefit from the explosion in industry demand and the increase in concentration brought about by intensive large-scale parking equipment. On the other hand, the company acquired Changan Parking through an industrial fund and expanded downstream into the field of parking lot operations. In August 2019, the Politburo meeting used urban parking lots as a shortfall repair project, and it is expected that policies will continue to be introduced in the future. The estimated revenue for 2019-2021 is $1,249, $16.65 billion, and net profit of $1.86, 2.49, and 324 million yuan, respectively, corresponding to EPS of 0.26, 0.35, and 0.45 yuan. Considering the rapid growth of the company's industry and the core competitiveness of its products, the company was given 30 times PE in 2019, with a target price of 7.80 yuan. The first coverage was given an “gain” rating. The company is a leader in the three-dimensional equipment industry. In the future, it will benefit from the explosion in industry demand and the increase in concentration brought about by intensive and large-scale parking equipment, and the company will use fixed capital to expand production capacity. Through the acquisition of Shandong Tianchen and Weichuang's automated three-dimensional parking garage equipment industry, the company has become a leader in the three-dimensional equipment industry. Currently, the three-dimensional garage manufacturing industry is relatively scattered, and the future will benefit from the explosion in industry demand and increased concentration brought about by intensive large-scale parking equipment. The acquisition of Changan Parking was extended downstream, and parking lot operations were arranged. The company used industrial funds to acquire Changan Parking as a whole, build the Wuyang Parking investment and operation division, and set up branches in ten regions including Chongqing, Shanxi, South China, Fujian, Shanghai, Tianjin, Beijing, Northeast, Yunnan, and Jiangxi to establish professional investment, technical support, and professional operation teams to achieve a specialized division of labor in investment, construction and operation. Catalysts: Further implementation of local policies, risk warning of companies winning large orders: the company's operating cash flow is under pressure; implementation of local policies falls short of expectations