Investment highlights: Company announcement: The company expects net profit to be 3,000-35 million yuan for the first three quarters, a sharp increase of 2049%-2407% over the previous year; of these, it is expected to achieve net profit of 16,000-21 million yuan in the third quarter, compared to 37.24 million yuan for the same period last year. The original main business continues to improve, and recently the photovoltaic business has received large orders. In the film device business, the company achieved rapid growth through market development, especially in the market for functional materials such as non-optical tape materials, and the profit level improved compared to the same period last year. In the LCD ODM business, the subsidiary Aoying Optoelectronics actively expanded non-Samsung customers by strengthening fine management and opened up new profit growth points, and the total profit for the current period increased significantly compared to the same period last year. In addition, the company recently received large orders in the photovoltaic field, which is expected to significantly increase the company's performance: on August 22, the company announced that it signed a strategic cooperation agreement with Junxin Technology and Yingli Energy involving photovoltaic products with an annual demand of about 1.58 billion yuan. We expect this strategic cooperation to contribute about 20 million yuan to the company's net profit this year; on September 1, the company announced that it signed a strategic cooperation agreement with the Anhui Fengtai County People's Government, with an output value of about 4 billion yuan. We expect that the project will bring a total net profit of 300 million yuan to listed companies over 5 years. Smart home products were officially launched, and the IoT business began commercialization. At the International Furniture Fair, which opened on September 11, the company officially unveiled its revolutionary smart home solutions, including two core products: smart information box (control center, integrating multiple skills such as wireless network management, private cloud storage, and intelligent home control) and smart 4-in-1 AP (smart access point, compatible with various terminal devices). Through cooperation with developers and home improvement companies, the company's smart home products are expected to be rapidly deployed and an open IoT platform compatible with various home appliances will be built. At the same time, the IDC value-added business (software development and service) of the company's subsidiary, Nantong Qiyun, achieved a breakthrough of zero. Currently, it has contributed some profits, and this part of the business will also become an important part of the company's IoT ecosystem in the future. Maintain profit forecasts and maintain a “buy” rating. Since the company's board of directors and executive team had a major blood exchange in June of this year and the employee stock ownership plan was launched, the company's various businesses have made phased progress, and the overall situation has taken on a new look. The company's performance has improved sequentially for three consecutive quarters, and it is expected that it will gradually release performance in the second half of '17. We have long been optimistic about the company's IoT layout and the recovery in the old business sector. Maintaining the profit forecast, EPS is expected to be 0.10/0.25/0.38 yuan in 17-19, corresponding PE 105/42/28 times. Risk warning: New IoT product launch results fall short of expectations, and there is uncertainty about the execution of PV business orders.