Core logic: Yaxiang Integration is expected to become a leader in the CR4.0 era with its technological advantages and seize the incremental core and screen markets. For the first time coverage, a “recommended” rating was given. The technology is outstanding. In the CR4.0 era, Yaxiang seizes the “core” and “screen” high-end markets. Driven by the current development of high-end domestic chips to 20 nm or even 14 nm and strong demand for high-end panels such as AMOLEDs, domestic clean plants (CR) have entered the 4.0 era. The main characteristic is that air pollution molecules (AMC) have a great impact on product yield, and new AMC control requirements have been added. The company has gradually formed leading air molecular pollution (AMC) control technology in China through its own research and development, and has achieved practical application results, with obvious technical advantages. According to the forecast of the China Electronics Society, the total size of the national clean room engineering market will reach 141.2 billion yuan by 2020, with a compound annual growth rate of 13%. We are optimistic that the company will use CR4.0 Dongfeng to seize the “core” and “screen” high-end markets and achieve rapid growth. Furthermore, the company's Taiwan-funded background makes it possible for the company to gain a head start in the bidding of **** companies, including TSMC and Sharp, and get orders. The listing complements the flow and expands operating capacity, and the expansion of the industry makes up for the company's shortcomings. In the past two years, the company has been constrained by insufficient working capital, and its business volume is almost saturated. Raising capital through listing to expand the company's working capital and increase its ability to undertake projects. In the future, the company is also expected to expand its industrial chain up and down through the listing platform to make up for shortcomings and develop comprehensively. Stock price catalysts: new developments in R&D, implementation of new orders, vertical extension and integration of the industrial chain; first coverage gave a “recommended” rating: the market has great doubts about the company's ability to obtain subsequent orders. We believe that in the CR4.0 era, the company is expected to obtain incremental orders for chips and screens with good technical capabilities and achieve rapid growth. The company's net profit for 17-18 is estimated to be 187/215 million yuan, corresponding to EPS of 0.88/1.01 yuan, respectively, covering the “recommended” rating for the first time. Risk warning: The implementation of new orders is slowing down, and cross-strait investment policy changes.