During the 12th Five-Year Plan period, “desulfurization and denitrification” requirements continued to be deepened, and the National People's Congress reviewed and approved the “12th Five-Year Plan” plan outline, which proposed a significant reduction in total emissions of major pollutants. Among them, sulfur dioxide emissions were reduced by 8% and nitrogen oxide emissions were reduced by 10%, respectively. Currently, sulfur dioxide and nitrogen oxide emissions from domestic electricity and steel account for more than 60% of total industrial emissions. Therefore, total control of these two industries has basically controlled the total sulfur and nitric emissions of the industrial industry. However, along with the continuous increase in denitrification and desulfurization requirements, the corresponding corrosion problems have not received due attention. There is huge scope for anti-corrosion applications during the “12th Five-Year Plan” period. The leading company in the domestic anti-corrosion industry is a leading domestic enterprise in the production and technical engineering services of new anti-wear and anti-corrosion material products for comprehensive industrial equipment. Since its establishment, it has been committed to the research and development of new wear-resistant and corrosion-resistant materials, as well as technical engineering services for wear-resistant, corrosion-resistant, and energy-saving industrial system equipment. The company's research and manufacture of new wear-resistant and corrosion-resistant materials are close to or have reached the international advanced level. “New materials+engineering service = high gross profit margin” New material technology in the anti-wear and corrosion resistance industry can be successfully applied to the protection of industrial equipment, and must rely on advanced engineering service equipment technology and engineering service technology. However, judging from the gross margin situation, the gross margin of simply selling anti-corrosion materials is more than 15% worse than the overall comprehensive protection project. The company effectively combines materials and engineering to ensure its leading position as a leading domestic anti-corrosion enterprise. The new project helps the company develop, and production capacity bottlenecks need to be solved. Due to the requirements of the Nanchang National High-tech Industrial Development Zone planning, there is a possibility that the implementation site of the raw metal protection and non-metal protection fund-raising projects will change, which will affect the construction progress of part of the project. Currently, the main investment is to purchase some on-site technical service equipment, etc. It is expected that the above projects will be fully completed by June 2015. However, with the launch of the fund-raising project delayed, the company has now invested in 3 new projects as performance growth points for 12 to 13 years: desulfurization chimneys, waste incineration power generation, and military fuel tank corrosion protection. Furthermore, the company still has more than 80 million overraised capital, which can create new growth space for the company in projects such as mergers, restructuring, and remanufacturing. The valuation and investment recommendations take into account the gradual easing of the macro environment in the second half of the year and expectations of the company's overfunding, new project development, and mergers and acquisitions, we believe that the company's overall profit situation should not be worse than in 2011. Therefore, it is predicted that the company's EPS from 2012 to 2014 will be 0.80, 1.04, and 1.30, respectively, and the corresponding PE will be 19, 14, and 12 times. The company was given 25 XPE, a target price of 20 yuan/share for 6 months, and the first coverage was given a “buy” rating.