The unique advantages of laser display light sources create a laser display moat. The company has been reserving in the field of laser light sources for many years, and has invested in the construction of the world's first large-scale mass-produced laser display light source production line in Mianyang. The company's strategic cooperation with NEC in Japan has secured the company's dominant industry advantage. The company's establishment of a financial leasing company will accelerate the release of laser projection products, lock in the theater and entertainment market in the short term, and target the commercial aircraft market for a long time. We believe that full attention should be paid to the industry moat brought by the company's leading global advantages of laser light sources. “Resource+network advantage” creates IDC's large industrial platform and positions it as a global cost depression and high value ground. The company's two core strengths in IDC business are Ordos's low resource costs and the advantages of a backbone network that is gradually being built. From the perspective of electricity costs, in the future, Ordos will supply direct electricity to cloud computing centers. Electricity costs can be the lowest in the country, and the cost advantages brought by energy advantages cannot be ignored. The “Ordos-Beijing” optical cable is expected to be completed within 16 years. The optical cable is being built simultaneously with the oil pipeline, and at the same time, it will enjoy late maintenance with the oil pipeline in terms of future cable maintenance. At the same time, the company is laying out an autonomous and controllable transmission network that can reach developed regions of the country. The “resource+transmission network” advantage will form the company's long-term moat and create a unique advantage in the IDC industry. Maintain the “buy” rating and raise the target price! We are strongly optimistic about the company's exclusive advantages in the field of laser display and cloud computing. In terms of valuation, the company was given a market value of 10 billion yuan for the laser business and 20 billion yuan for the IDC business. Overall, the market value is 30 billion yuan. We strongly recommend embracing the growth dividends brought about by the explosion of downstream laser displays and IDC businesses. It is estimated that the 2015-2017 EPS will be 0.40,0.90,1.60 yuan, and the target price will be raised to 100 yuan, corresponding to a market value of 30 billion yuan!