Overview of an incident Recently, we visited German and American Chemical Company and had exchanges with management. Understand the development of the company's different industrial chains and future business plans. 2. Analysis and judgment that textile additives are growing steadily, and profits from falling oil prices will increase textile additives are essential chemicals in textile production and processing. They can not only give textiles various special functions and styles, but also improve dyeing and finishing processes, and play a role in saving energy and reducing processing costs. The company currently accounts for less than 5% of the domestic printing and dyeing additives market share, and the gross margin has stabilized at 30% to 40% in recent years. In recent years, the company has continuously adjusted its product structure, increased the added value of products through value-added services, and guided and sold more high-margin products to the market. Since market terminals are not sensitive to rising additive prices, changes in international oil prices affect product gross profit margins, and falling oil prices have increased company profits. The company has begun to expand sales and exports in Southeast Asia, and exports will increase in the future. The cyclopentane industry maintains a certain profit margin The market space for cyclopentane is relatively conservative and needs to be gradually expanded. Downstream household appliances for cyclopentane are sluggish, and profits have declined in recent years. The company began to guide downstream customers to choose products with high added value. Hebei Meilong Chemical, a wholly-owned subsidiary of the company, has completed the development of flame retardants and flame retardant polyester, and has applied for patents with independent property rights, which has a positive effect on the company's performance. The pig farming industry is in the investment period. The ecological farming industry deserves attention. The company is building a circular biological system industry chain that mainly produces ecological pigs, supplemented by ecological organic vegetables and deep-processed pork products. Ecological farming is a capital intensive industry with a long cycle of 2-3 years. The company is currently committed to promoting the “Yingnong Ecological Pig” brand and is positioned to provide high-quality and healthy pork to high-income consumers. Its deep-processed pork products, such as sausage and bacon, will become a direction for the future industry. The company's investment income fluctuated, and subsidiaries contributed to performance. The company held 23.4 million shares in Liaoning Oak, 41.4656 million shares in Yibin Tianyuan, and 27% of Hunan Utel's shares, which had some impact on the company's earnings. 3. Profit Forecast and Investment Suggestions The company's pig farming progress, additive profitability, and other investments are all worth focusing on. It is estimated that the EPS for 14/15 will be 0.39 or 0.46 yuan, and the overall rating of the company is carefully recommended. 4. Risk warning: overall chemical slump; risk that terminal sales costs in the aquaculture industry are too high