Gelonghui, June 26 丨 Guolian Securities Research Report on the 25th pointed out that recently, Yueyang Xing Chang (000819.SZ) responded to the first and second round of targeted additional review inquiries, and the fixed increase process progressed steadily. At present, the company has reached product distribution agreements of no less than 130,000 tons/year with distributors to ensure the absorption of production capacity for fund-raising projects. The 300,000 tons/year MPP project in Huizhou is scheduled to be completed in September 2023. According to the company's estimates, the annual revenue of the post-natal project can reach 2.69 billion yuan, and the internal rate of return after tax is 22.29%. Against the backdrop of a declining coal price trend, methanol prices may continue to weaken, and the profit of MTBE, the traditional main business, is expected to strengthen. Focus on the possibility of horizontal expansion of the company's relevant capabilities. In view of the company's strong research and development capabilities of special catalysts and the continuous industrialization of results, the company's target price was maintained at 28.66 yuan, corresponding to 19 times PE in '24, and maintained the “buy” rating.