Key investment points: The company has long been deeply involved in small and medium-sized LCD modules and is an important domestic supplier. The company was founded in 2004 and currently has 29 TFT-LCM production lines with a high degree of automation. More than 98% of the company's main revenue is LCD modules, and 90% of the products are used in the mobile phone industry. For a long time, the company has been deeply involved in small to medium LCD modules, and monthly shipments have steadily entered the top ten in China. Currently, it has formed a good development pattern with TFT-LCM for mobile phones under 7 inch, ON-cell technology and the next stage of the layout of medium size (7 inch or more) LCD modules used in tablets, automotive electronics, etc.; in addition, the company's recent shareholders' meeting established a wholly-owned subsidiary in Nanchang, mainly to implement integrated touch modules, AMOLED modules and full-screen projects, improving the company's product layout and enhancing the company's product layout in the field of LCD modules competitiveness. The company's performance has exploded in recent years, with net profit attributable to mother in the first three quarters of 2017 exceeding 100 million. Benefiting from the optimization of its own sales strategy and cost control, the company's revenue and net profit to mother have increased significantly in the past two years. In terms of revenue, the first three quarters of 2017 are close to the full year of 2016, exceeding 2.6 billion yuan, and due to the seasonal characteristics of the LCD industry, total revenue is expected to increase in 2017; net profit to mother has continued to rise since 2014. The first three quarters of 2017 have broken through the 100 million yuan mark for the first time, with a year-on-year growth rate of 162.06%. The company has established a foothold in the domestic small to medium LCD module market, and there is a lot of room for the future. Benefiting from the transfer of global panel production capacity and the rise of domestic smartphones, the LCD module industry is expected to enter a period of continuous rapid growth. In recent years, LCD panel production capacity has gradually moved to the mainland. Mainland China has now become the second-largest production area in the world, and Korea, which can be expected to surpass number one in the future; the rise of foreign smartphone manufacturers, new experiences such as large full-screen screens, and the rapid development of new scenarios such as automotive electronics and wearable devices have all directly or indirectly benefited the LCD module industry. As a stable and important supplier in the industry, the company is expected to enter a period of continuous rapid growth in the future. The company has outstanding competitive advantages, and its position in the industry is expected to be further strengthened. The company's industry has deep technical reserves, and cooperates with many well-known manufacturers, and has a reasonable customer structure and strong resources; after the new listing this year, the company raised capital to focus on developing high-end and automated equipment, building production lines that meet large screens and full screens, expanding the original small to medium core production lines to further meet potential large order requirements, and the industry position is expected to be further strengthened. Profit forecast: We forecast the company's revenue for 2017-2019 of 41.41, 5881, and 7.833 billion yuan, respectively; net profit of 1.62, 2.26, and 293 million yuan, corresponding to EPS of 0.80, 1.12, and 1.46 yuan. Based on comparable company valuations and considering the company's compound growth rate of 44.86% in 2016 to 2019, PEG<1, it is within a reasonable range, corresponding to a target price of 33.60 yuan, a “buy” rating. Risk warning: Panel prices have dropped sharply; the trend of the panel industry shifting to China has changed; the company's performance growth has fallen short of expectations.