The main point of view is the construction and operation of long-distance gas pipelines and urban 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 pipeline is 884 kilometers, and the design gas supply capacity is 310,000 m3/year. It also has pipeline gas concessions in 28 regions including Hengyang, Zhangjiakou, Ulanhot, Jizhou, Changning, and Xintai. The environmental engineering business of companies that develop environmental protection business mainly provides various environmental engineering services and technical solutions for the desulfurization, denitrification, and flue gas purification requirements of many large industrial and mining enterprises in the domestic electric power, petrochemical, steel, glass, cement, smelting and other industries. Currently, the company is in the process of acquiring the remaining 49% of Beijing's shares. After the acquisition is completed, the company will hold 100% of its shares, the scale of the industry will be further expanded, and the competitive advantage in the market will be further enhanced. The investment recommendation is to give a “prudent increase in holdings” rating within the next six months. We forecast earnings per share for 2015-2016 to be 0.66 yuan and 080 yuan, and the corresponding dynamic price-earnings ratio is 32.21 times and 26.59 times. The company's valuation is slightly lower than the industry average valuation. The company has a number of long-distance pipelines and a number of city gas business concessions, 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 in holdings” rating. Risk factors Policy risk, pricing risk, gas source risk, etc.