Report summary: Domestic semiconductors and panels are at the forefront of the industry, and strong downstream demand is driving demand for 60 billion cleanroom projects. According to statistical estimates, the total investment in semiconductor+panels is expected to reach an average of 441 billion yuan per year in the next 3-4 years, corresponding to the 44-66 billion space for cleanroom projects (10-15%). Cleanroom engineering will benefit first as an upfront investment in the semiconductor and panel industry, and the company will fully enjoy the industry's high growth dividends with a market share of more than 20%. Unlike previous understandings, the company is based in the semiconductor and panel cleanroom industry, where technical barriers are extremely high, and has grown into an engineering technology company equipped with leading technology. Clean rooms, especially in the semiconductor and panel industries, have extremely high clean room barriers. Currently, Yaxiang's cleanroom processing capacity has reached CR4.0 level (less than 0.01 microns, nanoscale level). At the same time, it is the only one with chemical analysis and air sampling technology in China. It is second to none in the field of yield improvement. Clean rooms in relevant domestic industry chains all have this demand. It also has leading technical advantages in the fields of airflow management, micromolecular pollution, and micro-vibration control. It is not only a cleanroom engineering company, but also a professional dust-free environment builder. Taiwan's semiconductor and panel production capacity has been transferred to the mainland, and Taiwan's Yaxang has a clear advantage in undertaking. In recent years, there has been a clear trend of Taiwan's semiconductor and panel production capacity being transferred to the mainland. As one of the two **** system integrators, the company is deeply involved in the domestic cleanroom field, has obvious underwriting advantages, and has become the preferred enterprise for cleanroom engineering. The domestic “lack of core and few screens” phenomenon has gradually improved, and its technical strength and industry experience have brought plenty of orders to Yaxiang. In the first half of this year, the company was working on more than 10 cleanroom projects, a huge increase compared to last year, including but not limited to 770 million orders from Anhui Changxin and 450 million orders from Fujian Jinhua storage production line. With its leading technology and rich industry experience, Yaxiang has been highly recognized by dozens of customers, including downstream Hejian Technology. Customer stickiness has further increased, and the possibility of receiving larger orders in the future is not ruled out. Investment recommendations and ratings: The company's net profit for 2017-2019 is estimated to be 201 million yuan, 297 million yuan and 393 million yuan, EPS is 0.94 yuan, 1.39 yuan, and 1.84 yuan, and the corresponding price-earnings ratios are 37 times, 25 times, and 19 times respectively. Give a “buy” rating. Risk warning: The development of domestic semiconductors and panel displays falls short of expectations