The company's profits increased significantly in 2014. The company's annual income in 2014 was 4.015 billion yuan, an increase of 23.74% over the same period last year. The net profit attributed to shareholders of the listed company was 72.39 million yuan, an increase of 49.95% and 0.14 yuan compared with the same period last year. In the first three quarters, the company achieved a net profit of 72.4884 million yuan belonging to shareholders of listed companies, and the decline in performance in the fourth quarter was mainly due to the great loss of inventory caused by the fall in oil prices.

MTBE will benefit from oil upgrades. The cost performance of MTBE is relatively high, and increasing the octane number by adding MTBE has become the most economical means to improve the gasoline standard in China. The average addition increased to 6.56% in 2013. China's gasoline output in 2013 is close to 100 million tons, which means that every 1% increase in the proportion of MTBE will increase the demand for MTBE by nearly 1 million tons, so the demand for MTBE driven by oil quality upgrading will be considerable.

Magnetic levitation blower blows the curtain of business transformation of the company. Through the establishment of Tianjin Fei Xuan Fan Technology Co., Ltd., together with Tianjin Feixuan and Baoding heavy Industry, the company is mainly engaged in R & D and manufacture of high-speed and high-efficiency integrated fan equipment, assembly, production, debugging and sales of maglev motors. According to the information disclosed by the company, the target company's maglev blower project is expected to invest about 486.39 million yuan, of which 101.7 million yuan will be invested in construction, which will be invested in two phases. After the completion of the project, we will strive to achieve 200 units per set in 2015, achieve sales revenue of 150 million yuan, expect to achieve sales revenue of 1.5 billion yuan by 2019, and strive to become a leader in the field of magnetic levitation blowers and even the application of magnetic levitation technology. The magnetic levitation blower opened the prelude to the company's business transformation.

Profit forecasts and investment advice. EPS is expected to be 0.17,0.23 and 0.27 yuan in 2015-2017, which is optimistic about the company's business transformation and maintain its "overweight" rating.