Event: The company released its 2020 semi-annual report. From January to June 2020, the company achieved operating income of 207.7597 million yuan, an increase of 58.18% over the same period last year; net profit attributable to shareholders of listed companies was 30.6475 million yuan, an increase of 1,689.80% over the same period last year; and basic earnings per share of 0.20 yuan, an increase of 1,900.00% over the same period last year. To create an inertial technology application ecosystem, the three major business segments are progressing hand in hand. During the reporting period, the company proposed a strategy of “leading the development of intelligent unmanned equipment with inertial technology as the center”, took intelligence as the company's main development direction, integrated existing business, and formed the three business segments of information sensing, satellite communication, and unmanned systems. During the reporting period, the company's information sensing products achieved revenue of 33.8454 million yuan, and satellite communication products achieved revenue of 46.69 million yuan. In terms of information sensing, integrated navigation products have been used in batches in fields such as drones, unmanned vehicles, robots, smart agriculture, etc.; in terms of satellite communications, land-based dual-frequency movable antennas have completed prototype development and certification, and shipborne dual-frequency antennas have also been finalized and shipped in batches. The main direction of the development strategy has been determined, and intelligent unmanned systems are growing rapidly. The company has identified unmanned systems as the main direction of its current development strategy, focusing on building an intelligent unmanned systems industry, including drones, unmanned vehicles, and unmanned information platforms. During the reporting period, the company's unmanned systems products achieved revenue of 124.3375 million yuan, an increase of 107.49% over the same period last year. Among them, the target aircraft developed by the company has won first place in tenders organized by the military many times; the unmanned vehicle has completed the development of a 500kg full-line control platform. The product can be quickly replaced with wheels or tracks according to the requirements of mission scenarios, and has strong terrain adaptability; according to the requirements of information system safety and autonomy and control, it has developed a series of unmanned information platform products based on localized core devices, including localized computing modules, localized computer boards, localized display terminals, localized reinforced computers, and combined with the requirements of drones, unmanned vehicles, and miniaturized ships. A collection of information has been developed An information platform integrating sensing, integrated navigation, intelligent control, and network communication. Profit forecast and investment rating: The company's net profit for 2020-2022 is estimated to be 108 million yuan, 166 million yuan, and 213 million yuan; EPS is 0.69 yuan, 1.05 yuan, and 1.36 yuan; corresponding PE is 65 times, 42 times, and 33 times, giving it a “buy” rating. Risk warning: Unmanned systems have grown less than expected; demand for traditional inertial products has declined.