Alpani joins hands with CGN to save energy, a perfect match! 1) Jointly promote Apani's revolutionary technology. Shanghai Apani's high-voltage electrode boiler technology is a revolutionary solution that simultaneously meets environmental requirements and is economical. CGN Energy has created a full range of complementary advantages with Apani in terms of capital, government background, and use of nuclear energy. 2) The division of labor is clear; Apani provides technology, and CGN Energy is responsible for investment and operation. The cooperation framework agreement stipulates that Apani will provide equipment, construction implementation and technical services for the project; CGN Energy is positioned as the investment, construction and operation management party for the project. 3) The urban heating construction and renovation market is vast. Since they do not meet environmental emission requirements, there are more than 70 boilers in one district of Jinan that need to be remodeled, and more than 1,000 boilers in the city need to be reformed. In addition to Jinan, China also has a large number of urban heating boilers to be built and remodeled, and the market space is huge. The advantages of CGN in energy saving complement each other in all aspects, and the benefits are cut short! 1) It has strong financial strength and seizes the vast market. The market capacity for urban heating construction and renovation is huge, and the huge investment required is borne by CGN Energy Conservation. CGN Energy is a subsidiary of CGN Group. The CGN Group has strong capital strength, with total assets of 388.1 billion yuan and cash in hand of 33.1 billion yuan in 15Q1. It owns three listed companies: CGN Electric Power, CGN Mining, and CGN America and Asia. 2) Strong government background, scarce energy saving and environmental protection platforms under the State Assets Administration Commission. In addition to the China Energy Conservation Group, CGN Energy is a scarce energy saving and environmental protection platform under the State Assets Administration Commission. Currently, most urban heating projects are developed and invested by local governments. A strong government background has helped Arpani successfully obtain orders and achieve distribution across regions and on a large scale. 3) Using nuclear power to restart Dongfeng, Arpani explores new markets in the field of nuclear energy. CGN Group is based on the development and operation of nuclear power. Shanghai Apani technology originated from Swedish Apani boilers and was first developed for use in the nuclear power industry. Through energy-saving cooperation with CGN, Apani Technology is expected to use nuclear power to restart Dongfeng and promote it in the field of nuclear energy. Investment advice: Maintain an increase in holdings rating. As Apani's business expansion continues to exceed expectations, and huge orders are getting closer and closer, we raised Baoxin Technology's 15-17 net profit forecast to 1.1/2.0/300 million yuan, and EPS to 0.40/0.72/1.08 billion yuan. Currently, the construction of the model project is progressing well, and the implementation and promotion of Apani's revolutionary technology is just around the corner. Arpani joined hands with China and Guangzhou to save energy to achieve complementary advantages, and the company quickly seized the vast market. In the future, with the release of Youzhi and Arpani's performance, Baoxin's high-end equipment manufacturing platform is about to take off. We think Baoxin's performance has only just begun to be realized, and I continue to highly recommend it!