Using Shenwu rotary furnace technology as the final choice for a ten-year search for Jinchuan on a global scale, the Jinchuan Group is the third largest copper producer in the country. The cumulative copper slag heap has reached 35 million tons, and environmental risks are increasing. On the other hand, mining costs in Jinchang are getting higher and higher, and facing transformation. Jinchuan spent ten years searching for technical copper slag and nickel slag treatment technology around the world, and finally chose Shenwu Group. Jinchuan produces a large amount of metal smelting slag per year, and the demonstration project may drive further cooperation: the Jinchang headquarters produces about 2.6 million tons of smelting slag every year; in addition, Jinchuan also has smelting projects in Fangchenggang, Guangxi and overseas; in 2017, the second phase of the 800,000-ton nickel slag project will be built, and further cooperation in the future is worth paying attention to. Jinchuan Phase I has high technical barriers, is world-leading, and has strong economic efficiency. The payback period is less than 5 years. The project uses a rotary furnace to directly reduce a grinding magnetic separation technology to reduce tailings slag (iron oxide) to high-grade iron at a lower temperature than iron melting temperature. The metallized pellets produced were then produced using a grinding magnetic separation process to obtain metallic iron powder. The detailed treatment process text. Currently, the payback period is 4.1 years, and the economy is good. The company's technology is highly scalable and deterministic. The nearly trillion dollar market space accelerates the launch of similar treatment processes and a powerful pilot platform to ensure the expandability and certainty of the company's technology: Shenwu rotary furnace can handle steel dust, non-ferrous smelting tailings, and smelting laterite nickel ore, chromite, etc., and the company can not only handle tailings efficiently and economically, but also has the lowest cost smelting technology for many metals worldwide. The core reasons for our analysis and technical determination stem from two points — one is that the metallurgical project did not span much from a successful pilot test to successful industrialization, and the other is that the treatment process for different metals is similar; in fact, it is just a matter of adjusting parameters and processes. Furthermore, judging from the owners' enthusiasm to invest and sign new orders, it is possible to verify their trust in technology from the side. Leading non-ferrous enterprises signed cooperation agreements, and the Jiangsu Institute's nearly trillion dollar market space began at an accelerated pace: at the demonstration project press conference held on December 29, 2016, many industry leaders such as Baiyin Nonferrous, Zhongtiaoshan Nonferrous, Baogang, Zijin Mining, and Andritz signed cooperation agreements with the company, and the progress of subsequent cooperation is worth looking forward to. Profit forecasting and ratings We believe that the company is a technological revolutionist in the metallurgical industry facing huge market space. The technical barriers are high and the certainty is strong. The estimated profit for 16-18 is 3/6/900 million respectively, corresponding to PE65/33/22, maintaining the “buy” rating.