Summary of this issue: Drying equipment: Currently, the company's number one main business is dryers. Drying equipment is the company's traditional specialty. Over a long period of time, it has undertaken and completed many national scientific research and development projects, received many awards for major scientific and technological achievements at the national and provincial levels, created the first place in the localized design and successful application of many large-scale drying equipment in China, and developed 4 categories and more than 30 kinds of drying equipment. Urban sludge treatment equipment: As a research enterprise pioneering the development of paddle drying technology in China, the company has now mastered the structure and technical core of sludge paddle dryers, built the first set of paddle sludge drying test devices in China, completed the development of sludge paddle drying methods and various sludge-specific paddle dryers such as four-shaft paddle dryers, double shaft paddle dryers, and single-shaft disc dryers, forming a complete set of integrated technology and equipment for sludge dewatering, drying, and exhaust gas incineration, and has been applied in industries such as Shenzhen, Xining, and Luoyang. Lignite drying: Vacuum flash air cooling technology and seawater cooling vacuum condensation technology developed by Tianhuayuan can cleanly recover water vapor from coal drying and evaporation, and significantly reduce coal consumption and exhaust emissions. The company has remarkable scientific research advantages, and it is expected that scientific research results will be abundant and weak: by the end of 2014, the company had achieved a total of 452 major scientific and technological achievements. The company has complete qualifications and strong design capabilities, and has a production base with a design capacity of 2 billion dollars in Nanjing. There is a synergy between scientific research institutes under China Chemical Group, the actual controller of the company, and market customers, which has become a strong backup for the company's scientific research and production capacity. The results of the research institutes are also likely to be considered for integrated asset work on the company's platform. Profit forecast and investment rating: We expect the company's net profit attributable to the parent company in 2015-2017 to be 80.29 million yuan, 88.56 million yuan and 96.7 million yuan respectively, up 27.40%, 10.30% and 9.19%, respectively. Based on the company's share capital of 392 million shares, the corresponding diluted EPS for 2015-2017 is 0.20 yuan, 0.23 yuan and 0.25 yuan respectively. Considering the advantages of the company's platform under the China Chemical Group and its potential scientific research strength, we believe that the company's reasonable value range is 7.00 to 10.00 yuan, covering the “hold” rating for the first time. Risk factors: equipment orders fall short of expectations; adjustments to preferential national tax policies, etc.