No news is good news Decent start in new product cycle, with rosy FY18E ahead Lens module investment likely about to bear fruit 30% earnings CAGR amid margin expansion; Hold for fair valuation Weak 1H now behind us; upbeat guidance reinforces our Buy thesis Growth slowing down and no catalyst ahead, d/g to Hold 1H17-Strong life growth but quality remains an issue; Hold Short-term cost control starting to bear fruit;upgrading to Hold 1H17 missed on lower revenue contribution from IoVs and Jiefa Reaffirming top pick for 30% earnings CAGR amid margin expansion