We have conducted research on the company. The details are as follows: 1. High performance growth: Collivision's loss reduction has led to steady growth in the main business. Combined with high investment returns such as equity disposal, etc., the annual performance is expected to exceed expectations. 2. 3D glass is expected to explode: the company focuses on 3D curved glass and fully benefits from the explosive growth opportunities of the 3D glass industry; mobile phones using 3D glass are expected to achieve sales volume of 340 million in 2018. 3. IGZO technology keeps up with the pace of Hon Hai: In April 2016, Hon Hai invested heavily to acquire Sharp, and in September 2015, Apple issued an LTPO (LTPS + IGZO) patent, which enabled IGZO technology to be re-examined by the market. The company's planning and layout in IGZO closely followed the pace of the giants, and IGZO will continue to expand its market share in the future. 4. The fixed increase of 10 billion dollars has already passed: The company's fixed increase plan passed in mid-May, with a scale of 10 billion yuan. Furi Electronic Information Investment with a state-owned background and Putian State Investment each subscribed for 2.5 billion yuan, locked in for three years, with a reserve price of 10.5 yuan for the initial non-public offering plan. The remaining 5 billion yuan is currently being communicated to the market, and inquiries for quotations will be used. The majority shareholders will not participate in this fixed increase. 5. Employee shareholding: A phase of employee shareholding has been made, with a cost of 12.9 yuan/share (a total of 24 million yuan is still expected to be introduced in due course). Investment rating and valuation: Optimistic about the company's layout to keep up with the giants in the IGZO+OLED field, 3D glass is expected to explode as downstream demand is rapidly driven. We estimate that the company's 2016-2018 EPS will be 0.68 yuan, 0.79 yuan, and 0.99 yuan, and PE corresponding to the current stock price is 21 times, 18 times, and 15 times, respectively. Give it a “Highly Recommended” rating. Risk warning: The risk that 3D glass demand will not meet expectations, and the risk that IGZO production line yield and production capacity will fall short of expectations.