Company business: Yihe mainly engages in high-precision production services, focusing on the production of high-quality and accurately sized molds and parts, as well as automated assembly services. Currently, the Group's two major sources of revenue are office automation equipment business and automobile parts business. Currently, it has six production bases in Shenzhen, Suzhou, Weihai and Vietnam, which are used to operate the office automation equipment division, and six other production bases in Shenzhen, Zhongshan, Chongqing, Sichuan, Wuhan and Mexico are used to service the automotive parts division. 0A office automation business has a solid foundation: The company has a solid foundation in OA business, and has been providing molds and parts for products such as printers and photocopiers with many well-known international brands such as HP, Fuji Xerox, and Canon for a long time. Following the wave of localization and substitution by Xinchuang and the company's accelerated transformation to the DEMS model, the company's two major industrial parks in Vietnam and Weihai are expected to increase production value by nearly HK$800 million in 2022. It is estimated that 0A business revenue will continue to grow at a rate of 10-20% from 2022 to 2024. High-quality auto parts customers help the company continue to grow rapidly: The company began developing the auto parts business in 2008, and the company's current automotive segment products cover the core of the front and rear seats. Structural parts, battery pack core parts assembly, side panels, chassis, sunroof, and car body components. etc. The company recently completed production at digital model factories in Mexico and Wuhan in North America. It directly supplies core components for front seats of all Tesla models in North America, and the industry indirectly supplies core components for rear seats through first-class suppliers. Compared to traditional customers, newly developed direct suppliers such as Tesla and Great Wall Motor, it has greatly raised the gross profit level of the company's automotive sector products. The company's automobile business currently has more than HK$14 billion in manual orders, accounting for about 40% of NEV projects. Thanks to the continuous improvement of the company's capacity utilization rate and high-quality customers, the company's automobile sector business is expected to explode in the future. Sales revenue growth of around 40% is expected from 2022 to 2024. A profit inflection point appeared. The target price of HK$3.0 was covered for the first time. The company had been in the auto parts situation for many years and had just entered the harvest period. The rise in revenue scale caused the sector to turn profit, and the industry gradually expanded profits. We estimate the company's revenue for 2022- 2024 to be HK$65.3/88/HK$9.84 billion: net profit of HK$3.22/5.21/730 million, corresponding to EPS of HK$0.18/0.30/0.42. We gave the company a 10-fold PE valuation in 2023, with a target price of HK$3.0, with room for an increase of 105% from the current price, and a purchase rating. Risk factors: Customer orders fell short of expectations, and the company's supply fell short of expectations due to the pandemic.