Regional raw water taps have obvious monopoly advantages. The company is mainly engaged in raw water, tap water supply and sewage treatment. It is the only supplier of raw water for the Binhai New Area of Tianjin and tap water suppliers in some regions, with obvious regional monopoly advantages. The management is proactive, determined and motivated for business development. After the restructuring of the company was completed in 2009, the company management was deadministrated. The company has a clear strategy, proactive management, strong determination and sufficient motivation for business development, and is determined to build a platform-based enterprise. After the company completed Backstage Sihuan Biotech in July '14, it began extended expansion in September of the same year. Although the initial merger and acquisition did not go well, it was enough to demonstrate the company's determination and motivation to develop the enterprise. The merger and acquisition of Jiacheng launched the first round of industrial layout. The agreement clearly agreed upon. As a key regional water environment enterprise, Jiacheng Environmental Protection has an excellent management team, technology accumulation, and brand performance, and a remarkable regional position. The merger and acquisition of Jiacheng is the first step for the company to advance its platformization strategy. In addition to Jiacheng's own excellent quality, the combination of the two will also generate important collaboration in terms of business models, background resources, and regional layout. The significance of the two is remarkable. The combination of the two will become the beneficiaries of the PPP trend. Platform-based structure: Based on Beijing-Tianjin-Hebei, nationwide layout, capital operation opens up room for growth. The company's business originated in Tianjin, and completed the layout of the Beijing-Tianjin-Hebei region through the merger and acquisition of Jiacheng. In the future, the company will build a platform-based enterprise and implement a “three-dimensional and intelligent” comprehensive environmental service model integrating water supply, sewage treatment, environmental pollution control, and clean energy applications, and capital strength will become an important driver for the company's development. Give the company a “recommended” rating. We are optimistic about the company's platformization trend. Jiacheng Environmental Protection has a certain scarcity as an environmental water treatment target, so we can refer to Bosch and the like for valuation. Considering mergers and acquisitions and additional dilution, the company's 2015-2017 EPS is expected to be 0.32, 0.46, and 0.75 respectively, giving the company a “recommended” rating!