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guotai junan securities: ofilm became a shareholder of odg, the leader in optics marched into ar/vr market

overweight rating, the price target being 45 yuan. both the company and its actual controller contributed 10 million dollars to take the shares of  the world's top ar glass manufacturer odg, marching into ar/vr markets and opening up new space for the development of high-end optical business. we maintained a eps forecast of 0.99 yuan, 1.61 yuan and 2.44 yuan for 2016-18. with reference to comparable companies' assessment, we maintained a target price of 45 yuan, corresponding to a pe of 45 times in 2016.

take the shares of odg, making strategic arrangement in ar market. (1) odg is the world's top ar glass manufacturer, with mature products, lots of patents and excellent teams. its products have been rated by institutions such as global ar technology association as the world's best glass. its competitors include microsoft's hololens and silicon valley's meta. (2) the corporate valuation of 0.3 billion dollars is equivalent to that of meta. the lead investor 21st century fox is a leader in global film and television industry; (3) this indicated that the company is cooperating with the world's top manufacturer to explore vr/ar technology, aiming to be the first to seize a position in the next wave of hardware innovation.

ar/vr is going to enter a fast growing period. greatly benefiting the company's ongoing arrangement. (1) as forecasted by idc, the global market size of ar/vr is going to increase from 5.2 billion dollars in 2016 to162 billion dollars in 2020. the cagr over the 5 years will be 181 percent; (3)from consumer electronics to automobile electronics and vr/ar field, the company, with a nose for the market, is taking the lead in the transformation of electronics industry. fingerprint identification, dual camera, flexible oled touch screen, pressure-sensitive screen, 3d glass, automobile electronics, vr/ar are going to take the baton and drive the company's revenue growth.