We cut 2017/18/19 EPS ests by 27%/24%/11% (to reflect bad debt provision and Oppo/Vivo weakness) and reduce our TP from RMB23 to RMB17.5, still based on 26x 2018E EPS or 0.8x PEG (2017-20E EPS CAGR of 33%). 0.8x PEG is in line with regional tech peer avg. Upside risks include: 1) faster than expected takeoff of fingerprint sensor business; 2) stronger than expected smartphone camera upgrade trend. Downside risks include: 1) fiercer than expected price competition in touch panel sector; 2) more significant margin erosion in handset camera sector stemming from smartphone consolidation trend.