Report summary: The company is in a leading position in petrochemical engineering survey and geotechnical construction. The company mainly provides engineering survey and geotechnical construction services for large-scale construction projects in the petrochemical industry and the new coal chemical industry. The service areas include engineering survey (including surveying and mapping, survey, inspection (supervision)), geotechnical construction, engineering consulting and supervision, etc. It has comprehensive engineering survey class A, surveying and mapping grade A, foundation and foundation engineering professional contracting level 1, geological hazard management engineering survey grade A, and geological hazard risk assessment grade A qualifications, and has qualifications such as foundation engineering inspection, geographic information system engineering, engineering consulting, and engineering supervision, etc., with obvious advantages. The company's main customers are well-known domestic design, construction and engineering construction enterprises, and the cooperation is stable. The company has established stable strategic partnerships with well-known design and construction companies such as SEI, Sinopec Shanghai Engineering Co., Ltd., Sinopec Ningbo Engineering Co., Ltd., Sinopec Luoyang Engineering Co., Ltd., Maoming Ruipai Petrochemical Engineering Co., Ltd., Sinopec Fourth Construction Co., Ltd., and Sinopec Tenth Construction Co., Ltd. At the same time, it has entered the engineering construction market of large refining and chemical enterprises such as Sinopec Group, China Petroleum Group, CNOOC, Sinochem Group, Shenhua Group, Wanhua Group, etc., and has become its priority cooperative service provider, forming a large number of customers in the field of petrochemical engineering construction Resource advantages. Fund-raising projects enhance the company's competitiveness. The company now plans to raise 163 million yuan for two projects: engineering capacity enhancement, enterprise informatization construction projects, and R&D center construction projects. Through the implementation of fund-raising projects, the company's equipment construction capabilities are enhanced, the company's project carrying capacity and overall competitiveness are enhanced, and the company's technological leadership in the fields of petrochemicals, engineering exploration and geotechnical construction in the new coal chemical industry is further consolidated and strengthened. Profit forecast. We expect the company's diluted EPS in 2015-2017 to be 0.53 yuan, 0.57 yuan, and 0.63 yuan respectively. Taking into account the valuation of comparable companies and the company's growth, we are given a price-earnings ratio of 35-40 times in 15 years, with a reasonable price range of 18.6-21.2 yuan. Risk warning. 1) Downstream market demand decline; 2) Risks such as equity diversification.