We believe that Chongda Technology's many years of small-batch fine management capabilities will help the company enter the mass market, and it is expected that in the future it will gradually conquer large domestic and foreign customers to obtain greater revenue. With the sharp increase in demand for 5G communication boards, the company is expected to gain a certain market share, thereby optimizing the company's product structure and greatly enhancing the company's current profitability. In addition, Sandeoguan and Pnoway will expand the company's new FPC and IC carrier board products, bring incremental profit contributions to Chongda technology, and help customers collaborate. Move from small batches to large batches to open up market space. In 2016, the revenue scale of Chongda Technology exceeded 2.2 billion yuan. Due to the small size of the small-batch board market, Chongda Technology is gradually moving from a “small batch” market to a “small to medium batch” market or even a “large batch” market. According to Prismark's estimates in the company's prospectus, the market size of small-batch boards is about 10-15% of the market size of the entire PCB industry. We believe that if Zunda Technology successfully enters the “high-volume” market, its potential revenue potential can be opened up. By conquering new customers, the 5G communications market brings incremental revenue. In 2019, the company entered the supply system of ZTE, a domestic telecommunications equipment company, and added another important partner. We expect global 5G base station construction to drive PCB demand of about 12.48 billion yuan in 2020, which is expected to increase 220% compared to 2019. With the shipment of the company's 5G communication PCB boards, we think the company's revenue and gross margin are expected to benefit. Investing in Sandeoguan and Pnovo opens up new markets with FPC and IC carrier boards. In 2018 and 2019, respectively, Chongda Technology acquired shares in Sandeoguan and Prowin Electronics. Currently, it holds 40% of the shares in the two companies, officially opening up the company's layout on FPC and IC carrier boards. Chongda Technology also established Nantong Chongda on May 28, 2019. It will carry the mission of the company's “semiconductor component manufacturing and technology research and development center”, complete the coverage of the company's full range of PCB products, and achieve the transition from IC carrier boards to IC-related industries. If Chongda Technology can successfully complete the acquisition of shares in Sandeoguan and Prunow and achieve control of the two companies, we believe that the merger will lead to a significant expansion in the company's revenue, and at the same time, it may achieve better collaboration with customers. The first coverage gave a rating of “superior to the market”, with a reasonable value range of 20.81 yuan to 23.97 yuan. We expect the company's revenue for 2019-2021 to be $3.839 billion (+5%), $4.417 billion (+15.1%), and $5.977 billion (+35.3%); net profit to mother will be $558 million (-0.5%), $797 million (+42.8%), and $1.53 billion (+32.1%) respectively; corresponding EPS is $0.63, $0.90, and $1.19, respectively; according to the closing price on November 29, the 2019-2021 PE valuation is 24.29 times, 17.01 times, and 12.87 times; according to comparable company valuation tables, we gave the company 33-38 times PE in 2019, corresponding to a reasonable value range of 20.81 yuan - 23.97 yuan. For the first time, we covered it and gave it a “superior to the market” rating. Risk warning: market competition risk, epitaxial merger and acquisition integration risk