Leading aluminum grain refiner, integrated layout for the whole industry. The company is a leading aluminum grain refiner company, with a domestic market share of 40% and a global market share of more than 20%. At the same time, the company integrates upstream raw materials (anhydrous hydrogen fluoride) and other downstream products (potassium tetrafluoroaluminate, etc.), with great potential for future growth. There is a clear trend towards high-end aluminum, and the concentration of aluminum grain refining agents is expected to increase further. High-end aluminum is a trend, and demand for high-quality aluminum grain refiners is particularly strong. High-end aluminum grain refining agents are difficult, and there are many middle- and low-end companies in the industry, so future industry concentration is expected to be concentrated on leading companies. The company's technology is leading the world, and its market share will gradually increase. The quality of aluminum grain refining agents is determined by process and core equipment. The company's technology and equipment research and development capabilities are world-leading, and product quality is superior to leading foreign companies. At the same time, the company is the only whole industry chain in the industry, and its cost advantage will further enhance competitiveness. As new production capacity is reached, the company's market share will gradually increase. The rapid launch of potassium tetrafluoroaluminate will bring great performance flexibility to the company. The biggest pain point in the electrolytic aluminum industry is electricity consumption, which accounts for 40% of the cost. Potassium tetrafluoroaluminate can increase current efficiency by 2%, thereby saving at least 500 degrees of electricity per ton. The potential space for the industry in 2019 is 250,000 tons. The company has applied for a patent for the preparation of potassium tetrafluoroaluminate. At the same time, its raw material, potassium hexafluoroaluminate, is a by-product of aluminum grain refining agents, and the company is the leading aluminum grain refiner, so the patent and raw materials are in the company's hands. Currently, the company's potassium tetrafluoroaluminate has been ordered and industrialized, and will bring great performance flexibility to the company in the future. Building an industrial ecosystem, high-purity hydrogen fluoride and SB powder are expected to create another new star. The company takes R&D and innovation as the core driving force, first achieving the best in the industry in the field of aluminum grain refining agents, and then expanding the industry based on this to build an entire industry ecosystem. High-purity hydrogen fluoride and SB powder are currently dependent on imports. The company has made breakthroughs in current products. Considering market space, it is expected to create a new star once mature. Investment and Rating: We adjusted the company's revenue for 2019-2021 to $1.50 billion, $1,866 million, and $2,315 million, and net profit of $182 million, $247 million, and $335 million. The current market capitalization corresponds to PE of 22.3, 16.4, and 12.1 times, and raised it to a “Highly Recommended - A” rating. Risk warning: The price of aluminum ingots fluctuates, and product promotion falls short of expectations.