Investment points Excellent management ability to counter the industry cycle and the continuous decline in component prices in the electronics industry place extremely high demands on the R&D and supply chain management capabilities of related companies. Especially after the industry has entered a mature period, only excellent companies can maintain relatively stable profitability. The touch screen industry has gradually entered a mature period with the increase in the penetration rate of smart terminals, and the price war continues to be heard. The market is worried that Shenyue Optoelectronics will not be able to withstand the industry price war. We believe that Shenyue Optoelectronics's outstanding management capabilities, technology development and supply chain management capabilities ensure that the company can maintain relatively stable profits during the mature period of the industry. At the same time, the increase in market share will ensure the company's steady growth over the next 2 years. After the restructuring, the management system ran smoothly, and after the restructuring of Shenyue Optoelectronics and Yuanxing Technology, the management system ran smoothly, and the excellent management of Shenyue Optoelectronics was successfully transferred to Star Technology. We believe that the cover glass business of the Star Technology Division uses the Shenyue Optoelectronics management system and internal digestion of production capacity, and it is expected that the profitability of the original cover glass will achieve a qualitative leap in profitability in 2014, bringing performance elasticity. Shenyue Optoelectronics has developed customers smoothly, demand is strong, and Shenyue Optoelectronics has always been in a state of full production. Even during the Spring Festival, the company's excellent management system can guarantee the smooth arrival of production line workers. Due to the introduction of new customers in 2014, the company continues to be in full production, and the expansion of new production capacity is progressing steadily. The company is expected to solve production capacity bottlenecks and expand rapidly in scale. We expect the company's effective production capacity to expand by more than 50% in 2014. The automotive electronics business is the company's new growth point. The automotive Internet officially emerged in 2014. Shenyue Optoelectronics has been cultivating the automotive electronics market and is a resistance screen supplier for well-known international and domestic automobile manufacturers. With the development of the automotive Internet, the company develops capacitive screens for automobiles, using capacitive screens as carriers, and is actively developing the automotive Internet industry. We believe that the company and existing car manufacturer customers jointly develop automotive Internet products, which has a first-mover advantage, and automotive electronics will become the company's new growth engine. Profit forecasts and valuation estimates that the company's operating income for 2013-2015 was 4.94, 19.02, and 2,745 million yuan, respectively, with year-on-year growth rates of 2.16%, 285.02%, and 44.32%, net profit - 143, 137.65, and 211.49 million yuan, EPS-0.7, 0.57, 0.88, PE-23, 28, and 19 times. We believe that the traditional touch screen business is growing steadily through the introduction of new customers and increasing market share, and that the automotive electronics business is the next growth engine. As an automotive electronics company with scarce A-shares, the automotive electronics business will raise the company's valuation level and maintain investment suggestions for purchases