The company's various segments have accelerated the opening of a total trillion-level market space of 130 billion dollars: China produces 80 billion tons of steel dust per year and 100 million tons of non-ferrous solid waste, the vast majority of which have not been effectively treated; ② comprehensive utilization of mineral resources market space of 150 billion: low-grade, difficult to separate and smelting is significant, and there are currently no effective ways to use them; ③ Energy saving and environmental protection process reengineering market space 150 billion: the direction of capacity upgrading, 15% production capacity replacement corresponds to a market space of more than 100 billion yuan; ④ traditional business market space of 100 billion yuan. ① We believe that although the industry is in the overcapacity stage, under policy guidance, there is still a high demand for high-quality upgraded production capacity projects and alternative technologies with outstanding economic efficiency. The world's leading technology has high barriers and has been proven to be highly economical. It has entered the accelerated industrialization stage: it can use poor quality energy to achieve efficient and accurate reaction temperature control, so as to achieve accurate and selective reduction of metals, while drastically reducing costs. Currently, under commodity prices, the project payback period is generally less than five years: ① Used for steel dust treatment, it has the largest industrial scale and the highest extraction flavor of the rotary furnace demonstration project (Shagang Steel Project), which has been successfully put into operation for more than five years, with good feedback from owners; ② used for non-ferrous smelting waste treatment, the first in the world Industrialization of copper slag The demonstration project (Jinchuan Phase I) has recently been successfully put into operation; ③ It has the lowest cost laterite nickel ore smelting technology in the world, which is 20% less expensive than traditional technology. Currently, the laterite nickel ore industrialization project has not been completed and put into operation, but similar orders have exceeded 8.2 billion yuan, reflecting the owners' full confidence in the company's technology. Regenerative hydrogen shaft furnace: Using a direct reduction clean smelting process in a short process to prepare reduced gas, coke oven gas is used to prepare reduced gas, which solves the problem of shortage of natural gas resources and high cost in China. The world's first industrialization project (the Zhongjin Taihang Project) is progressing smoothly, which is of great significance to the transformation and upgrading of China's steel industry. The successful listing will use capital power to accelerate the expansion of the company. Currently, the company mainly uses an asset-light model. In the major projects currently under way, with the exception of the first phase of Jinchuan, which uses CDF+Group+ owners' investments, the rest are direct investments by the owners. We judge that the company will use capital power to accelerate its expansion in the future. Since the company's customers are all in industries with overcapacity and poor profits, even if resource utilization projects are economical, the owners may still lack investment motivation due to the large scale of investment. Therefore, in the future, the company may use secondary market financing or investment and operation methods to expand the market, which will greatly stimulate the company's order release. The profit forecasting and rating company has more than 11 billion orders in hand. It is expected that future orders will enter the accelerated release channel, and the performance is expected to exceed gambling; we predict that the company's net profit in 17/18 will reach 68/98 million yuan, corresponding to PE of 25/18X, maintaining purchases.