The company focuses on providing customers with products such as communication power supplies, high-voltage DC power supplies, new energy electric vehicle charging and switching systems, etc., and integrated power supply solutions. The products cover the three major “new infrastructure” directions, including 5G, IDC and new energy charging piles. 5G base station power supply: It covers a one-stop solution for wireless access, carrier, and core network communication power, benefiting from domestic 5G construction and overseas microstation construction: 5G massive data, high power consumption, high-density networking, etc. bring about the centralization of access-side DU, new technology or architecture applications such as AAR and massive MIMO, and also drive the transformation and upgrading of basic power supplies and supporting facilities. The penetration rate of HVDC communication power supplies is expected to increase in the future. At the same time, the company's 5G power supply full-stack solutions include base stations, remote supply, and micro power products, which are expected to usher in rapid growth. IDC: The large-scale competitive advantage of the HVDC business is obvious, and it is more favored by Internet manufacturers: As an HVDC leader, in addition to being used in newly built large-scale data centers, the company's HVDC products are gradually replacing UPS systems in data centers such as the three major operators and BAT. Since 2019, HVDC product customers have also expanded to government enterprises, finance, and security systems. New energy charging pile: Jointly with Didi and State Grid Evergrande to be promoted to the first tier supplier of charging piles in China: DC Charging Station and Xiaoju Charging, a subsidiary of Didi, to become Xiaoju's largest charging equipment partner. AC charging stations joined hands with State Grid Evergrande to become its only supplier of orderly charging equipment for the next five years. From power products to power informatization applications, Zhongheng Borui helps transform business models. New orders in the communications and charging pile sectors continue, and there is a high degree of certainty about performance growth. According to the company's future layout and order situation in various fields such as 5G, IDC, and new energy charging stations, we expect the company to achieve revenue of 1,161 billion yuan, 1,726 billion yuan, and 2,209 billion yuan from 2019 to 2021, corresponding net profit to mother of 88 million yuan, 143 million yuan, and 187 million yuan respectively. The corresponding current PE price is 90.7X/56.0X/42.9X, respectively. Given that the company is currently in a reversal period at the bottom of performance, future performance is highly deterministic, and the first coverage will be given an “gain” rating. Risks suggest that the continued spread of the global pandemic has brought about the impact of order uncertainty and systemic risks; HVDC applications in the data center field fall short of expectations; and 5G construction falls short of expectations.