Are smart earphones already in a period of high growth? How big is the industry space? We believe that the high growth period of the industry is far from over, and what is more worth looking forward to in 2021 is the rapid growth and innovation of non-A-end products. We have observed that the current wireless user education and habit training have been initially completed, the competitiveness of non-A-end products is rapidly increasing, the proportion of shipments is increasing, and the market is also entering a sweet period of development (non-A-end products in 2020). The penetration rate of smart earphones relative to mobile phones is less than 10%, and it is about to enter a sweet period of 20-50%), and its elasticity is huge. Quantitatively, we continue to be firmly optimistic about the industry growth rate in the next three years, and believe that smart earphones will gradually replace traditional Bluetooth earphones and wired earphones, and realize the supplement of some scenarios of traditional earphones, and will develop into an independent smart terminal entrance in the future; The magnitude and evolution trend of the pattern can be compared to smartphones. At the same time, earphones are an important and high-unit price category for mobile phone manufacturers to expand. Therefore, the market growth rate and brand convergence speed are expected to be significantly faster than that of mobile phones. We expect it to be completed within 2 years. The replacement of Bluetooth headsets will complete the replacement of mid-to-high-end standard wired headsets in mobile phones within 3 years. It is expected that the CAGR of shipments will be 50%+ within 3 years, and it is expected to grow to 1-2 billion pairs in the long run.