预计17-19年净利润为54.2、72.4、96.7亿元，实现EPS分别为4.44、5.93、7.92元，对应PE为30x、22x、16x，首次覆盖，给予“推荐”评级8CU18.风险提示：全球智能机出货量低于预期的风险、v7GX元兌人民币汇率持续下行XgGs风险、声学器件以及马达TVMR安卓阵营渗透率低于预期ncVx风险，光学镜头迚展丌达fLEE期的风险70GC

AsannouncedinSeptember2017,FINMAisconductinginvestigationsintoanumberofcasesinvolvingICOs.IfFINMAbecomesawarethatICObusinessmodelshavebreachedsupervisorylaw,wereintendedtocircumventregulation,orwerefraudulentintheirintent,itwilllaunchenforcementproceedings.