Investment highlights: Company announcement: The company released its 2017 three-quarter report: The first three quarters achieved revenue of 2,067 billion yuan, an increase of 6.51% over the previous year, and realized net profit of 33.15 million yuan, a year-on-year increase of 2275%. Among them, the third quarter achieved revenue of 759 million yuan, a year-on-year decrease of 13.04%, and realized net profit of 19.19 million yuan to mother, a year-on-year decrease of 48.47%. Results for the first three quarters were in line with expectations. The major trend of recovery in the original main business remains unchanged. In the film device business, the company achieved rapid growth through market development, especially 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 opening up new profit growth points. As orders from the company's downstream Samsung Display and Apple in the third quarter were slightly lower than expected, leading to a year-on-year decline in revenue in the single quarter, we are still optimistic about the situation in the fourth quarter and next year. Recently, the company has successively received large orders in the photovoltaic field. On August 22, the company announced that it had signed a photovoltaic silicon wafer procurement cooperation agreement with an annual demand of about 1.08 billion yuan. Up to now, it has signed an order for about 12 million polycrystalline diamond silicon wafers, which have now been partially delivered. We expect to confirm this revenue in the fourth quarter, which will contribute about 20 million to the company's net profit this year; on the same day, the company also signed a photovoltaic cell procurement cooperation agreement with an annual demand of about 500 million yuan. Currently, related products are being tested. On September 1, the company announced that it signed a strategic cooperation agreement with the People's Government of Fengtai County, Anhui. The output value of the cooperation project is about 4 billion yuan. Currently, the company has registered a subsidiary in Fengtai County, and related business is being prepared. We expect the project to generate cumulative net profit of 300 million dollars over 5 years for listed companies. Smart home products were officially launched, and the IoT business began commercialization. The company has officially released its revolutionary smart home solution, including two core products: smart information box (control center, integrating multiple skills such as wireless network management, private cloud storage, and intelligent home control to achieve centralized and unified management of home devices, seize key entrances in the IoT era, and work in the same way as Google Home) 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. 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 will become an important part of the company's IoT ecosystem in the future. Furthermore, the company recently acquired 30% of the shares of Zhongke Tianji, a big data industrialization platform owned by the Institute of Computing of the Chinese Academy of Sciences, and has developed in-depth cooperation with the Institute of Computing of the Chinese Academy of Sciences to integrate advanced big data technology into the company's IoT ecosystem. Maintain profit forecasts and maintain a “buy” rating. The company's board of directors and executive team changed hands in June of this year. The company's various businesses made phased progress, and the overall appearance was new. The employee stock ownership plan has not been purchased before due to the three-quarter reporting window, and will be launched later. 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, and the corresponding PE is 114/46/30 times. Risk warning: The results of the launch of new IoT products fell short of expectations, and the revenue of the original business fell short of expectations.