The ownership structure is straightened out and is controlled by Binzhou SASAC. The company was initiated and set up by Huacheng Investment and Binyin Group in 1999 and listed in 2001. after Huacheng Investment went bankrupt in 2011, Binyin Group became the largest shareholder, and the company's ownership structure was gradually straightened out. then completed the acquisition and merger of Tianhong thermal power, completed the transfer of Sichuan Huafang Yinhua. All the existing executives of the company come from within and have a high degree of recognition of the company. within two months from December 16, 2013, senior executives and middle-level backbones collectively increased their holdings of not less than 1.767 million shares, and the lock-up period after purchase was at least half a year, which is generally consistent with the interests of minority shareholders.

Printing and dyeing as the main business, printing and dyeing technology, obvious advantages of environmental protection. In 2012, the income of printing and dyeing was nearly 1.6 billion (accounting for 76% of the income, because it was only 8% of the gross profit margin of the printing and dyeing process), of which the income of clothing fabric was about 80 million meters, and that of wax printed fabric was 100 million meters and 800 million yuan. In 2012, home textile revenue was 310 million (14.69%). Due to the establishment of companies in Shanghai and the United States, the annual development investment was large, and the gross profit margin was basically zero), of which the total income of home textile products was 120 million, and the sales of its own brand "Linpure" was more than 15 million. The company's advantages are mainly concentrated in printing and dyeing finishing, new fiber development and application, energy saving and environmental protection and so on.

Wax printed fabric and home textile are the main driving forces of performance growth in the next three years. The company plans to issue 110 million shares of no more than 400 million yuan (of which Binyin Group contributes 89 million of the land), and other funds raised are mainly used for the acquisition of Yaguang's industrial park (196 million), an increase of 65000 spindles (53 million) and home textile production line projects (89 million). In addition, based on the demand of the African market, taking into account the release period of home textile projects and the good market prospect of wax printed fabric products, it is expected that 2015 and 2016 will be a period of rapid development of the company.

Profit forecast and valuation: the company's 13-and 14-year EPS is expected to be 0.05,0.08 yuan, corresponding to the current PE of 81.5,50.3 times. At present, the total market capitalization of the company is less than 1.3 billion. Considering the advantages of printing and dyeing technology, straightening out the ownership structure and the prospect of state-owned assets reform, the current stock price has a certain margin of safety, giving the company a "cautious recommendation" rating for the first time.