Key investment matters: On the evening of October 19, the company disclosed the 2015 three-quarter report. The 15Q1-Q3 company achieved revenue of 232 million yuan (+130.96% YoY), net profit attributable to shareholders of the parent company - 230 million yuan (-103.58% YoY), and a basic loss of 0.313 yuan per share. Ping An's view: Revenue doubled year on year, and losses continued to expand: the company achieved operating income of 232 million yuan in the first three quarters, an increase of 130.96% year on year; realized net profit attributable to shareholders of listed companies - 230 million yuan. The company's net profit loss for the same period last year was 113 million yuan, and the amount of loss increased by about 1 times over the same period last year. The operating cost for the same period last year was 120 million yuan, and the operating cost for the first three quarters of this year was 276 million yuan. Operating costs increased by 130.09%, which is roughly equivalent to the increase in revenue. Revenue and operating costs increased compared to the same period last year, mainly due to: 1) increased sales of G6 glass substrate products; 2) Electronic Glass, a holding subsidiary of the company, increased platinum sales. Looking forward to the localization of G8.5 generation glass substrates: Since this year, while developing G5 and 6 generation lines, the company has actively built G8.5 generation lines, and invested 315.3 million yuan to build a glass post-processing production line for G8.5 generation LCD substrates in June. Since there are currently no G8.5 generation substrate glass manufacturers in China, market demand for this product in mainland China has exploded in recent years. As a leading domestic LCD substrate glass company, the company will face a broad localized replacement market for panel raw materials. Once the G8.5 generation line is officially put into operation by the end of the year, the company's performance can be expected to improve. There are strong expectations for state-owned enterprise reform, and they shoulder the heavy responsibility of supporting panel materials: this year, Rainbow Electronics, Rainbow Group, and CLP Rainbow completed the equity transfer, and the direct controlling shareholder of Rainbow Co., Ltd. was changed to CLP Rainbow. There are 2 main effects: 1) leveling the hierarchy and improving execution efficiency. Rainbow Electronics, the former direct controlling shareholder of Rainbow Co., Ltd., is a Hong Kong-listed company. The group's decision on the joint stock company also affects the operation of the Hong Kong stock company. Inevitably, there are complicated procedures in the approval process. However, after this equity adjustment, intermediary links will be completely eliminated and management efficiency will be improved. 2) The enterprise positioning is more clear, and the significance of development has risen to the Group's overall plan. Rainbow Co., Ltd. has completely divested the non-board related business and set the board as its main business direction. Now, falling under CLP Rainbow, it will form industrial synergy with LCD material companies and form a synergy with CLP Panda Group to complete the overall layout of CLP Group's panel industry chain. Investment Strategy: We expect the company's revenue in 2015-2017 to reach 3.64/11.40/1,569 billion yuan, an increase of 128.3%/213%/37.6% respectively over the previous year. The corresponding PE is 31/112/31 times, maintaining the company's “recommended” rating. Risk warning: Group reform risks, production line construction falling short of expectations, replacement of new technology, etc.