The company is a leading enterprise in the domestic PKI industry. As innovative businesses gradually increase, the company will enter a period of rapid development. Key investment points: Maintain an increase in holdings rating and raise the target price to 39.64 yuan. Considering the company's increased R&D investment and the impact of the pandemic on orders, the company's EPS forecast for 2020-2022 was adjusted to 0.42 (-0.07) /0.66 (+0.13) /1.01 yuan. Considering the year-end valuation switch, the target price was raised to 39.64 (+15.47) yuan, corresponding to 10 times PS in 2021. The main business grew steadily, and the innovation business accelerated beyond expectations. Driven by factors such as the Cryptographic Law and the reform of national secrets, the company's traditional PKI business will maintain steady growth. Furthermore, the company's independent innovation, zero trust, vehicle network security, and camera security have broad growth prospects, far surpassing the traditional PKI business space. After the pilot phase, it will begin to accelerate in the next two years. With PKI as the core, the company has formed a “PKI security application+PKI infrastructure+general security” business system. The company's main products include PKI infrastructure products, PKI security application products, and general security products; among them, PKI infrastructure products and PKI security application products have maintained a high level of market share in the domestic market for many years. GEL Software used to be a product provider; in the future, it will become a solution and cloud service provider. Traditional PKI services are mainly based on standard software and hardware products, such as various gateway devices. In the future, GEL Software will expand its business to innovative application fields, such as the Internet of Vehicles, camera security, zero trust solutions, etc., and the market space is vast. Risk warning: industry development falls short of expectations, government IT budget is insufficient