Investment points: The company is at the forefront of the cement waste heat utilization market: industrial waste heat resources are abundant, and there is plenty of room for improvement in waste heat utilization. The company is a specialized energy-saving service company engaged in the comprehensive utilization of waste heat and waste pressure. It mainly serves industrial fields such as cement, steel, chemicals, and non-ferrous metals. The company's market share in the cement waste heat utilization industry is 27%, ranking among the highest. The total waste heat resources of various industries in China account for about 17%-67% of their total fuel consumption. Recyclable waste heat resources account for 60% of total waste heat resources, that is, 10.2%-40.2% of total fuel consumption, and the potential for recycling waste heat is huge. Industrial energy efficiency proposed a waste heat utilization plan target of 60 billion yuan during the “12th Five-Year Plan” period. With technical advantages and rich experience, we are actively developing overseas business and diversified business in the non-cement industry. The company has developed nearly 40 overseas waste heat utilization projects in many countries and regions such as Thailand, the Philippines, and the United Arab Emirates. The “12th Five-Year Plan” for industrial energy efficiency requires that by the end of the 12th Five-Year Plan, the utilization rate of waste heat and pressure in large and medium-sized steel enterprises reach 50% or more, and the proportion of pure low-temperature waste heat power generation applications in glass kilns reaches 30%. It is estimated that there is room for development of 20 billion and 4.4 billion dollars, respectively. With the advantages of low temperature heat source utilization technology, the company is actively expanding diversified business in non-cement industries such as steel, glass, and non-cement industries. The capital raised will be used to expand production capacity and improve R&D capabilities, and investing in BOOT and EMC projects will bring the company a stable and efficient return on investment over a long period of time. Risk disclosure. The company's main risk comes from the business risks of BOOT and EMC's business models and the risk of overseas projects. We expect the company to achieve operating income of 1,149, 1,232, and 1,311 billion yuan respectively in 14-16, and net profit attributable to owners of the parent company of 1.1, 138 and 150 million yuan, respectively. Special Reminder: The IPO pricing predicted in this report is not the price performance on the first day of listing, but rather a reasonable price range when the current market environment remains largely unchanged.