The main investment company is the world's largest manufacturer of anthraquinone dyes: Yabang Co., Ltd.'s current business is mainly anthraquinone disperse dyes and anthraquinone reduced dyes. The production capacity of anthraquinone disperse dye products and filter cakes is about 35,000 tons and 14,000 tons, respectively. The production capacity of anthraquinone reduced dye products and filter cakes is about 11,000 tons and 80,000 tons, respectively. Anthraquinone disperse dyes are unique, and anthraquinone cyclic reduction dyes are superior: the company has an absolute voice and control in the field of anthraquinone disperse dyes, and the market share of most products exceeds 50%; the industry pattern of anthraquinone reduced dyes is slightly lower than that of anthraquinone disperse dyes, but Yabang Co., Ltd.'s revenue scale and market share far surpass other rivals. With the rise of pre-spinning coloring and inkjet printing industries, in recent years, the company plans to focus on developing the anthraquinone solvent dye industry. The advantages of large-scale management and centralized management have been further highlighted. The dye production process emits a lot of waste. On the one hand, the company develops a clean production process, and on the other hand, classifies and disposes of the three wastes to obtain better environmental and economic benefits, but classification and disposal requires large-scale management, and the experience is difficult to replicate. Lianyungang Chemical Industrial Park is one of the few parks that have withstood environmental inspection. The industry agreed that Laizhou Bay and the northern coast of Jiangsu are parks that are relatively suitable for developing the dye industry, but Jiangsu Province clearly proposed that during the 13th Five-Year Plan period, the “reduction” requirements should be fully implemented, and efforts should be made to raise stocks, control increments, and reduce total volume. Among the chemical parks in northern Jiangsu, the Lianyungang Chemical Industrial Park is one of the few parks that have withstood the test of environmental protection inspections. The company signed a strategic cooperation agreement in the Lianyungang Economic Development Zone in the industrial park. It plans to acquire 1,000 acres of land in four phases, invest in the construction of pigment intermediates and other fine chemical intermediates projects, and gradually open up growth space. Currently, the pigment industry pattern is scattered, intermediates and pigment companies operate separately, and environmental tightening has brought opportunities for integration. The company is concentrating on developing pigment intermediates and grasping the key points of pigment integration, so it can be viewed on a higher front line. According to empirical data, the project could double the room for growth. The investment proposal estimates that the company's net profit for 17-19 is 799, 8.64 and 1,165 million yuan, EPS is 1.39, 1.50, and 2.02 yuan/share, and corresponding PE is 12X, 11X, and 8X, covering the first time, giving it a “buy” rating. The target price is 22 yuan, corresponding to 15 times PE in '18. Risk warning: Product prices fluctuate, project progress falls short of expectations.