Incident: The company announced the “Detailed Equity Change Report” on February 6, 2015. The controlling shareholder Xinyu Qingyuan Environmental Protection Investment Management Co., Ltd. transferred 90.1 million shares of the company to Jia Quanchen, Jia Xiaoyu, and Mr. Dai Yiming by means of an agreed transfer agreement. The share transfer registration was completed at the Shenzhen Branch of China Securities Registration and Settlement Co., Ltd. on March 31, 2015. Comment: The controlling shareholder's equity was transferred by agreement, and the controller remained the same. Qingyuan Investment held a separate agreement to transfer 94.4 million shares of the company to its three shareholders, Jia Quanchen, Jia Xiaoyu, and Dai Yiming, so that Jia Quanchen, Jia Xiaoyu, and Jia Yulan's shares held indirectly through Qingyuan Investment were directly owned by them themselves (Jia Yulan's shares are held by their son Dai Yiming). The specific process is as follows: (1) On January 16, 2015, Qingyuan Investment signed a “Share Transfer Agreement” with Jia Quanchen, Jia Xiaoyu, and Dai Yiming, respectively, and transferred their 30.1 million shares of the company's shares to Jia Quanchen, accounting for 9.97% of the company's total share capital; and transferred their 30 million shares in the company to Dai Yiming, accounting for 9.93% of the company's total share capital. (2) On March 27, 2015, Qingyuan Investment signed an “Equity Transfer Agreement” with Jia Quanchen. Qingyuan Investment transferred 4.3 million shares of the company to Jia Quanchen, accounting for 1.42% of the company's total share capital. After completing the share transfer, Jia Quanchen, Jia Xiaoyu, and Dai Yiming directly held a total of 101 million shares of the company, accounting for 33.28% of the company's total share capital of 302 million shares. Jia Quanchen, Jia Xiaoyu, and Dai Yiming signed the “Agreement on Concerted Action”. Using Jia Quanchen's opinion as the opinion of concerted action, Mr. Jia Quanchen is the actual controller of the company. Meanwhile, Jia Quanchen and his co-actors promised not to increase their holdings of the company's shares by more than 2% within the next 12 months, and that they will not reduce their holdings of the company's shares. The Indonesian sector (coal, machinery and equipment) has realized huge profits. The sharp increase in the company's performance in 2014 was mainly due to contributions from the Indonesian sector: coal production and marketing business and complete equipment business. The coal production and marketing business (Indonesia) achieved revenue of 227 million yuan, exceeding the company's revenue for the full year of 2013, accounting for 33.89% of total revenue; the complete machinery and equipment business achieved revenue of 283 million yuan, accounting for 42.17% of total revenue. In terms of gross profit, the original power quality optimization and waste heat and pressure utilization sector declined slightly from year to year. The total gross profit of the two new sectors, coal sales and complete mechanical equipment, reached 169 million yuan, while the company's total gross profit for the same period last year was only 62.614,300 yuan, which had a very obvious effect on improving overall performance. It can be seen that the Indonesian sector has become a new growth point for the company. The Indonesian project was supported by the Chinese and Indian governments. The “China-Indonesia Economic Cooperation Forum” was held at the Great Hall of the People in Beijing on March 27, 2015. Indonesian President Joko Widodo and Chinese Premier **** attended the forum and delivered important speeches. During the forum, the Qingdao Municipal People's Government, the Indonesian Central Sulawesi Provincial Government, and the Indonesian PT. Batue Tjepper Resouces, Inc. and the four parties signed the “Qingdao Municipal Government and the Indonesian Central Sulawesi Provincial Government signed an agreement on Hengshun Zhongsheng Group and Indonesian PT. “Support Agreement for Batue Tjepper Resouces to Launch Investment Projects in Indonesia”. According to the support agreement between the Chinese and Indian governments, the parties to the agreement will achieve cooperation between the two sides through mutual support (financing, aid, technology transfer, etc.); at the same time, the local governments of the two countries will actively guide and provide various facilities. In order for the company's investment and construction in related fields such as integrated industrial park projects, power plants, and smelter projects currently under construction in Indonesia to proceed smoothly, Indonesia's Central Sulawesi Province will make efforts to speed up all legal procedures and speed up license processing. The signing of this agreement fully affirms that the company is in line with the country's “Belt and Road” strategy. At the same time, it also provides government support for the construction of integrated industrial parks and other projects being carried out by the company in Indonesia, providing policy guarantees for project development and construction. It is expected that the company's project progress will exceed expectations. Maintain a “buy” investment rating. Relying on the successful transformation of the Indonesian nickel-iron industrial park project into a comprehensive service provider, the company pioneered the export of complete machinery and equipment, used the resource advantages of Indonesian coal and nickel ore to build its own power plant, and built a complete nickel-iron industry chain covering everything from energy, resources to smelting, and its performance is expected to continue to grow at a high rate. Based on the company's performance and project progress, we expect the company's 2015-2016 EPS to be 0.96 yuan and 1.98 yuan respectively. Combined with the average valuation level of the nickel sector, we gave the company a target price of 47.85 yuan, corresponding to 50 times PE in 2015, maintaining a “buy” rating. Risk warning. Policy risk; project delivery risk; exchange rate fluctuation risk.