Due to the increase of the purchase limit, the current small-scale accounts of less than 300 million are close to 50%, and the market has entered the stage of information effectiveness and inter-agency low-price game. The actual quotation center of Science and Technology Innovation Board Enterprise Jet Biology, which is inquiring today, has dropped to 15% Mustang 16% quartile. According to the logic of institutional game and quantile decline, the quotation quartile of tomorrow's inquiry will be considered downwards in the 15% quartile. Taking all things into consideration, it is expected that tomorrow's inquiry range of Fang Technology will be between 0% and 15% of the quartile, corresponding to a price of 20-20.43 yuan.

Fang Technology is a company specializing in M2M Internet of things access communications products and services provider, with R & D and technology as the core driver, with product planning, industrial design, structure, hardware, software, testing, ID, logistics and other complete R & D and design system, master a number of core technologies and independent intellectual property rights. The company's main business is Internet of things wireless communication module (2019H1 accounted for 56.19%), Internet of things wireless communication terminal (39.61%) and Internet of things wireless communication solution (1.77%). Products are widely used in smart energy, car networking, industrial Internet of things and other fields, the company's main customers focus on smart meter manufacturers, domestic customers include State Grid Gansu Electric Power Company, Shanghai Datang and other enterprises, overseas market development of Harman (2019H1's largest customer and sales account for 27.54%), CPON and other major OBD customers, has formed a stable cooperative relationship with high-quality customers at home and abroad. Since 2009, the company has continued to push through the old and bring forth the new in the field of the Internet of things, setting up a research and development echelon of 248 people (accounting for 54.51% of the company's total employees). Now it has mastered 5 core technologies and a number of intellectual property rights, and has continuously deepened its competitive advantage in the field of research and development. to provide products with stable quality, high reliability and low power consumption, the company's products have passed the strict certification of AT&T Inc in the United States, rapidly opening up the markets in the United States, Europe and Asia. A number of policies activate industrial demand, 5G wave promotes the rapid development of animal networking technology, the integration of the Internet of things and multi-industries continues to advance, and terminal demand continues to grow. In the future, the company will increase investment in the development of key industries and R & D of core technologies, promote the R & D and industrialization of 4G and NB wireless communication modules, 5G modules and V2X products, and create a comprehensive vertical application service capability of module + terminal + solution.

Risk hints: (1) the risk of industry technology iteration brought by the development of upstream chip technology and the application of 5G technology; (2) the current market quotation has entered the game of information validity, be on guard against the risk of rigid elimination of 10% high price.