The State Council issued policies to support the transfer and transformation of scientific and technological achievements

Li Keqiang presided over an executive meeting of the State Council on February 17, which once again emphasized "mass entrepreneurship and innovation" and encouraged research and development institutions and institutions of higher learning established by the state to transfer scientific and technological achievements to enterprises or other organizations by means of transfer, licensing or pricing investment, and withdraw no less than 50% as rewards, encouraging enterprises to adopt equity awards, stock options, project income dividends, etc. Encourage scientific and technological personnel to implement the transformation of achievements and speed up the promotion of tax incentives and other policies.

The technology reserve is abundant, which is expected to speed up the transformation of achievements.

Tianhua Institute is one of the ten key scientific research institutes of the former Ministry of Chemical Industry, with a total of more than 400 major scientific and technological achievements, including 34 national science conference awards, national invention awards and national progress awards. 176 ministerial and provincial awards, 17 invention patents and 76 utility model patents, among which many core technologies such as coal humidity control technology and ammonia nitrogen wastewater treatment technology have been applied in batch. Thanks to the state's policy of encouraging the mass entrepreneurship and innovation Initiative, the transformation of many of the company's scientific research achievements is expected to be accelerated.

With the rapid growth of sludge business, lignite upgrading technology is expected to hit the ground.

The company has obvious advantages in sludge disposal technology, and has realized industrial application in many places. with the opening of tens of billions of sludge disposal market, the product is expected to increase rapidly. The lignite upgrading technology of the company is proprietary and has been applied in Baosteel and Panzhihua Iron and Steel Co., Ltd., and more projects are expected to be launched in 16 years. The company's non-public offering has been accepted by the CSRC (raising 700 million yuan, the opening price is 9.35 yuan). After raising funds, the Nanjing Tianhua Phase II project will be accelerated to enhance the production capacity of sludge disposal and lignite upgrading equipment.

Small companies, big markets, big groups, maintain a "buy" rating

It is estimated that the EPS in 15-17 years is 0.22,0.28,0.42 yuan respectively. The company is a strong chemical equipment institute under the Academy of Chemical Sciences, with broad space for upgrading sludge and lignite. The Group is rich in high-quality assets, and the company may be positioned as the asset injection platform of the Academy of Chemical Sciences in the future. The company belongs to the small company under the big market and big group, and maintains the "buy" rating.

Risk hint

The progress of additional issuance is lower than expected; the industrialization of R & D achievements is lower than expected.