The major customer strategy has achieved remarkable results. With multiple products at full horsepower, Keson Technology successfully entered the iPhone stainless steel frame supply chain in 2017, and the company became a rookie in Apple's supply chain. At the same time, the company is the core supplier of Apple Pencil metal parts and iPhone SE2 aluminum middle frames, and metal parts have been extended to Macbook and iPad products, with remarkable strategic results for major customers. The diversification and expansion of customers has been smooth. The company has successfully diversified its customers into the supply chain of domestic major customers. Currently, it has entered the Huawei notebook supply chain. Narrow-framed aluminum alloy cases have become mainstream for notebooks, and the back case of notebook products is also made of metal materials. The company has mastered a complete set of precision metal manufacturing techniques such as die-casting, CNC, and anodizing, and has a rich product line. Minimally invasive surgical instruments that cut into the medical field and lay out new businesses and fields have extremely high requirements for processing equipment, processing efficiency, and processing accuracy, and are a true precision field in the manufacturing industry. Minimally invasive scalpels are basically all made of metal. The global medical device market is estimated to grow to US$577.6 billion in 2023. Currently, Keson Technology has deployed metal parts in the medical field. Continuing to expand into the e-cigarette industry chain and improve the precision die-casting process E-cigarette products have grown rapidly in recent years. The global e-cigarette market is expected to reach US$61.4 billion by 2025. The company acquired Yuancheng Electronics to further improve processes such as precision die-casting, and successfully entered the e-cigarette supply chain. The market share of IQOS produced by international giant Fimo International continues to increase, and the e-cigarette industry is on the rise. Equity incentives highlight the company's strength and increase cohesion In December 2019, the company issued a restricted stock incentive plan. The plan is to grant 10.758 million restricted shares, accounting for about 2.61% of the company's total share capital. Further establish and improve the company's operating mechanism through equity incentives, enhance the company's cohesion, and create more performance returns for shareholders. The investment proposal estimates net profit to be -1.9, 2.0, and 30 billion yuan, and the corresponding valuations are -29.5X, 28.2X, and 18.9X. Referring to Wande's 2020 valuations of 46.9X, Lingyi Intelligent Manufacturing 32.1X, and Jingyan Technology 49.6X, considering the flexibility of the company's performance, the first rating gives the company a “recommended” rating. Risk warning: market competition risk, new product development risk, risk of company performance fluctuating with downstream product updates