Introduction to this report: It is proposed to acquire Kangbo Solid Waste, a hazardous waste treatment company for 1,075 million dollars. Combined with the previous layout in soil remediation and other fields, a highly competitive environmental protection platform with a combination of light and heavy assets, cash flow, and engineering flexibility has emerged. Key investment points to maintain the “increase” rating: maintain the “increase” rating. Maintaining the company's forecast EPS to 0.25 or 0.33 yuan in 17-18, if EPS is 0.42 yuan (current stock price PE = 26) in 18 years after the restructuring is completed, this restructuring will not only increase profits, but also mark the company's formal entry into the booming hazardous waste industry. The entire industry chain layout will go one step further, maintaining the target price of 17.47 yuan, and maintaining the “gain” rating. The restructuring of Kangbo Solid Waste sees a sharp increase in EPS recently, and further expansion in the long term. Kangbo Solid Waste Services Changshu and radiates Suzhou. High fees (6,000 yuan/ton leading in the country) + high regional gap (938,000 tons per year and continuous expansion) +high capacity utilization rate (95%) can provide steady and high-quality cash flow. EPS is expected to increase by 28% in 18 years after the restructuring is completed. We believe that the merger and acquisition of Kangbo shares is only the beginning of the company's entry into the hazardous waste field. The company is expected to use Kangbo Solid Waste's professional management team to achieve “industrial+capital linkage” using the listed company platform to rapidly expand the market in Jiangsu Province, the Yangtze River Delta, and the whole country. Improve the business+business model, and a highly competitive environmental protection platform has appeared. The company entered the hazardous waste treatment field through the acquisition of Kangbo Solid Waste and strengthened investment in soil remediation resources and R&D resources to achieve new growth with this dual engine; at the same time, it is actively improving existing businesses in the fields of environmental consulting, solid waste, non-electric flue gas, and new energy as an aid. In the end, we will achieve a business model with ownership and order, a combination of key assets, stable cash flow, and flexible engineering to provide a comprehensive environmental protection platform with strong competitiveness. Soil remediation orders are growing rapidly, and the strength of nationalization should not be underestimated. The company has been working in the field of heavy soil metals for many years, and has sufficient technical reserves through R&D and overseas mergers and acquisitions. Catalyzed by environmental inspections and the relocation of industrial enterprises, the soil remediation market has recently picked up. The company's 2017 soil remediation order amount of about 445 million yuan doubled from the previous year. Future advantages are expected to be further demonstrated, greatly improving performance flexibility. Risk warning: atmospheric sector declines; soil restoration expansion falls short of expectations; new energy order uncertainty