The demand of digital cameras in Taiwan has been steady increasing during 2011 to 2012; the total sales volumes are expected to be positive in the future. On other hand, due to consumers are pursuing higher quality lives, they buy more functionalities cameras. As DSLR cameras are too heavy and low-end digital cameras have low functionalities, which are why DSLR-like cameras and high-end digital cameras have become more popular recently. Despite the increase sale of cameras, the qualities of cameras accessories are still in chaos, especially in products like camera lens protector. There is no such a high C/P value of camera lens protector in the Taiwan market. Because of the above opportunity, some of my friends and I have founded a company to produce a high C/P value of camera lens protector. Our company vision is to product the best quality camera lens protector with medium price in Taiwan. Our company goal is to reach 50% market share in the camera accessories market. We have our own R&D in Taiwan, and guarantee that our products will be made in Taiwan. Our camera lens protector will be mainly sold in Taiwan in the beginning of year. About our channel selections, we will mainly focus on some independent stores in Bo-Han camera areas, two largest 3C chain stores. In order to sell our products to those independent and chain stores, pre-launching marketing is also needed. We will provide POSM to channels, incentives to sales people, and internet marketing to promote our products. When our products are steady in Taiwan, our company will be discovering more export sales in overseas. We are looking forward to doing OEM or ODM, if there were any opportunities in the future.

近年來，隨著數位相機與影像手機的蓬勃發展，光學鏡頭產業也呈現了快速發展的趨勢，高毛利率、存貨少、跌價損失低，是光學廠與一般電子業最大的差異，因此台灣廠商能享有較穩定的獲利能力。 本研究主要以大立光、亞光、玉晶光及今國光等四家公司為樣本，依其2002年至2006年之財務報表做為預估個案公司未來成長率及獲利率的根據，利用現金流量折現法並以銷售導向及盈餘導向二種模式，依照最樂觀、最可能發生與最悲觀等三種情境，估算其實質價格區間，並與個股目前之實際股價互相比較，以推論目前股價的合理性以及目前股價可能隱含的銷售成長率及盈餘成長率，另以敏感性分析將各個評價因子繪製成龍捲風圖，來觀察個別關鍵評價因子對股價的影響程度。 實證結果顯示，大立光、亞光、玉晶光及今國光的股價合理區間分別為347.67～704.09元、119.38～225.09元、75.17～90.02元、49.85～69.88元。在敏感度分析上，經由各個案公司的龍捲風圖得知，邊際利潤率對今國光的股價影響最大，銷售成長率對大立光、亞光的股價影響最大，而玉晶光的股價則受到再投資率的影響最大。