The company's revenue is growing rapidly, and its profitability is basically stable. The company's main business is based on aerospace pulverized coal pressurized gasification technology. It specializes in R&D, engineering design, technical services, complete equipment supply and general engineering contracting of coal gasification technology and key equipment. The compound annual growth rate of the company's revenue from 2011 to 2013 reached 31.52%. Driven by design and consulting services, the company's comprehensive gross margin in 2013 and the first half of 2014 declined slightly compared to 2011 and 2012, but was generally stable. The majority shareholders have military backgrounds. The proposed public offering includes a total of no more than 82.3 million new shares. Not less than 19.96% of the total share capital after issuance. After the issuance, the total share capital of the company will reach 412.3 million shares. The China Launch Vehicle Technology Research Institute, accounting for 58.824% of the company's total share capital before issuance, was the company's largest shareholder. China Aerospace Science and Technology Corporation indirectly held 73.671% of the company's shares before issuance through the Aerospace Propulsion Technology Research Institute, the China Launch Vehicle Technology Research Institute, and Aerospace Investment Co., Ltd. The prospects for coal gasification are broad, and the company has a leading edge. Currently, the coal gasification engineering industry mainly uses coal gasification technology to design and build large-scale, complete coal gasification plants. Synthesizers that can efficiently and cleanly convert solid coal into a gaseous state can be widely used in fields such as coal-to-ammonia synthesis, coal-to-hydrogen, IGCC power generation, etc., and the market application prospects are very broad. The company's aerospace pulverized coal pressurized gasification technology, which has independent intellectual property rights, uses a “pulverized coal feed+water cooling” process. It has the advantages of simple operation, easy maintenance, wide adaptability to coal types, low investment and operating costs, high operating rate, and low failure rate of gasifiers. It has reached the leading international level, and can well meet the needs of downstream industries such as coal chemicals for advanced coal gasification technology with independent intellectual property rights. The prospects for fund-raising projects are good. The current IPO plans to raise 980 million yuan, all of which will be used for five projects including the second phase of the aerospace coal gasification equipment industrialization base construction project. After delivery, it will add 385 million yuan in annual revenue and 70.88 million yuan in after-tax profit. The prospects for the project are good. Profit forecasting and valuation. We expect the EPS of the company's parent company to be 0.62, 0.78, and 0.90 yuan respectively in 2014-2016 (considering the share capital of 412.3 million shares after the IPO issuance). The average PE of the selected comparable companies in 2015 was 30.13 times. We think that the 25-30 times valuation of the company is reasonable, and the corresponding company's price per share is 19.50-23.40 yuan. Risk warning: 1. Crude oil prices fall; 2. Coal prices rise.