Core view: The only listing platform for the Chinese Academy of Chemical Sciences, a company with strong technical strength, is the only listing platform under the Academy of Chemical Sciences, a subsidiary of China Chemical Group. Its main business is the production and sale of special equipment such as drying equipment, waste heat boilers, etc. In the past three years, it has achieved operating income of 1.07 billion yuan, 796 million yuan, and 821 million yuan. Tianhua Institute has strong scientific research capabilities and has achieved more than 400 major scientific and technological achievements. Among them, many core technologies such as coal humidification technology and ammonia nitrogen wastewater treatment technology have been applied in batches, and business expansion in the field of environmental protection is just around the corner. Sludge equipment has entered the release period, and the application of a number of technical reserves in the field of environmental protection will be promoted. The company's sludge disposal technology won the second prize of the National Science and Technology Progress Award in 2014. It has already been industrialized and applied in many places. With the opening of the tens of billion sludge disposal market, products are expected to be released rapidly; lignite upgrading technology is expected to receive release projects. The company plans to raise 700 million yuan in non-public funding to promote the Nanjing Tianhua Phase II project (production capacity of 500,000 sets of complete equipment for lignite drying and upgrading systems and complete equipment for sludge drying systems). In addition, many environmental technology reserves, such as the company's ammonia nitrogen wastewater treatment technology and ethylene cracker low NOx burners, have all been industrialized and are expected to accelerate promotion. The Group's capital operations are frequent, and research institute reforms can be expected. China Chemical Group Corporation is the largest basic chemical manufacturer in China, holding nine A-share listed companies. Judging from China Chemical Group's recent capital operation matters, the group is gradually integrating and securitizing assets within the sector. The controlling shareholder, the Academy of Chemical Sciences, has many assets, and there are expectations of injection; Limingyuan's assets are comparable to that of the company, and its products are widely used in the military industry. Give it a “buy” rating, wait until later reforms advance. The EPS for 15-17 is expected to be 0.22, 0.28, and 0.42 yuan, respectively. The company has abundant technical reserves, and sludge treatment and lignite quality improvement projects have entered the release period. Several other technologies have already been industrialized and are expected to be promoted at an accelerated pace. The company's performance is expected to continue to grow at a high rate in the next few years. The controlling shareholder, the Academy of Chemical Sciences, has large assets, and there are expectations that high-quality assets such as Limingyuan will be injected. Sinochem Group is expected to accelerate the reform and capital operation of state-owned enterprises and give it a “buy” rating. Risk warning: Industrialization of R&D results falls short of expectations; progress in the reform of research institutes falls short of expectations;