Old trees sprout, and commercialization of technology and improved sales layout have driven the company's high performance. The company has many technologies, including wireless passive electromagnetic touch, OCR text recognition, face recognition, etc., and has 871 valid patents up to now. The company moved from heavy technology to commercialization, and the wireless passive electromagnetic touch bundled painting business created huge profits for the company; the comprehensive layout of the sales network, sales staff and expenses increased year by year, opened up cross-border e-commerce, cooperated with platforms such as Amazon, etc., and the Han Wang brand went overseas. Han Wangbi Touch Trajectory achieved revenue of 537 million yuan in 2019, +82.2% over the same period last year. Technical products & solutions are used in multiple scenarios, and bionic flapping aircraft have received great attention from abroad. In big data and image recognition, we have launched industry solutions and platforms, which are widely used in security, administration of justice, medical care, education, archives, etc., and cooperate with high-quality customers including the five major state-owned banks and the Beijing and Tianjin People's Third Level Courts. In 2019, the revenue of the portrait recognition and big data business reached 296 million yuan, +20.25% over the same period last year. Smart terminals achieved revenue of 187 million yuan, +41.49% over the same period last year. The painting board painting screen business opened up overseas markets, with an overall market space of around 7 billion yuan in 2019. The Hanwang drawing board painting screen business has a comprehensive sales network. The overseas market share is huge. The painting screen prioritizes entry into the consumer market, and has differentiated competition with leading companies. It has great advantages in price and product positioning. With the continuous expansion of overseas markets in the future, we expect the revenue of Han Wang painting screen to be 7.27, 11.68, and 1,616 billion yuan respectively in the next three years, and the market share is expected to expand further. Investment suggestions: We expect the company's revenue to reach 16.18, 23.07, and 3,018 billion yuan respectively in the next three years. EPS is 0.68, 1.03, and 1.47 yuan/share, corresponding to PE37.5x/25.0x/17.5x, respectively. The company is a leader in the AI field. It has technological and first-mover advantages. Combined with the company's future P/S level, we gave the company's AI business 5 times P/S in 2021, and the consumer electronic painting business huge room for growth. We gave the company's consumer electronics business a target price of 44.43 yuan/share corresponding to 25 times PE in 2021, covering the first time, and giving it a buying rating. Risk warning: Technology research and development falls short of expectations; overseas business expansion falls short of expectations; the development of the AI field falls short of expectations due to the macroeconomic downturn.