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. The target price was raised to 4.62 yuan, and the holdings increase rating was raised. 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 raised EPS from 2019 to 2021 to 0.21 (+0.08) /0.22 (+0.06) /0.25 (+0.05) yuan, referring to comparable companies, gave PE about 21 times in 2020, raised the target price to 4.62 yuan, and upgraded to an increase in holdings rating. Revenue growth has increased, and product coverage has gradually expanded. From January to September 2019, the company achieved revenue of 3,037 billion yuan, an increase of 15.55%, and realized imputed net profit of 357 million yuan, an increase of 418.23%; achieved a deduction of non-attributable net profit of 206 million yuan, a same increase of 392.88%. The significant year-on-year increase in gross margin was mainly due to declining costs and strong bargaining power of enterprises. The rapid increase in performance over the same period was mainly due to a combination of factors such as low year-on-year base, stock fair value buoyancy, and asset disposal income. 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. On the basis of traditional categories, the company continues to develop new products, has begun to take orders in batches for stoves, ovens, etc., and has completed product development for outdoor kitchens, and category expansion is progressing steadily; in terms of channels, the company has its own import and export rights, and is expected to gradually increase customer recognition with product quality, delivery guarantee, and product design capabilities. Risk warning: the risk of raw material price fluctuations, exchange rate fluctuations and the impact of tariffs