The main idea is a gas company that integrates downstream. The company's main business is the construction and operation of long-distance natural gas pipelines and urban gas pipelines. It mainly operates long-distance natural gas pipelines such as the Xiangheng Line, Liaotai Line, Taixin Line, Yingzhang Line, and Jizao Line. The length of the long-distance pipelines is 884 kilometers, and the design gas supply capacity is 310 million cubic meters/year. It also has pipeline gas concessions in 28 regions including Hengyang City, Zhangjiakou City, Ulanhot City, Jizhou City, Changning City, and Xintai City. Develop environmentally friendly businesses. The company's environmental engineering business mainly provides various environmental engineering services and technical solutions for the desulfurization, denitrification and flue gas purification requirements of many large domestic industrial and mining enterprises in the electricity, petrochemical, steel, glass, cement, smelting and other industries. Currently, the company is in the process of buying the remaining 49% of Beijing's shares. After the acquisition is completed, the company will hold 100% of its shares, further expand the scale of the industry, and further enhance its competitive advantage in the market. Investment advice. Within the next six months, a “cautious increase in wealth” rating will be given. We forecast earnings per share of 0.66 yuan and 080 yuan for 2015-2016, corresponding dynamic price-earnings ratios of 32.21 times and 26.59 times. The company's valuation is slightly lower than the industry average. The company has multiple long-distance pipelines and multiple city gas business franchises, and has a certain competitive advantage; at the same time, the environmental protection business is gradually developing, and it will become an important business component of the company in the future. Give the company a “prudent increase” rating. risk factors. Policy risk, pricing risk, gas source risk, etc.