2。 Dust control field: Longjing Environmental Protection (600388), Kelin Environmental Protection (002499), Sanwei Silk (300056), Feida Environmental Protection (600526), etc.
3。 Sulfide and nitrogen oxide control fields: combustion control technology (300 152), longyuan technology (300 105), Jiulong electric power, Guodian qingxin (002573), Yongqing environmental protection (300 187), etc.
4。 Air purification field: Chuangyuan Technology (00055 1).
Xuedilong: The growth continues to be strong, and the layout is intelligent and environmentally friendly, opening up new growth space.
Event: 15Q 1 The company realized a net profit of about 29.3 million yuan, a year-on-year increase of 45.80%; The basic earnings per share is 0.05 yuan. At the same time, the company expects the net profit growth in the first half of 20 15 to be between 40% and 75%. In addition, the company announced the reduction plan of major shareholders and actual controllers, and plans to reduce the holdings by no more than 30.244 million shares. The raised funds will be used to provide interest-free loans, personal investment of shareholders and other capital needs for the company's employee stock ownership plan.
Comments:
The industry boom has driven a substantial increase in income.
The company's revenue in the first quarter was about 65.438+0.58 billion yuan, up 64.42% year-on-year. The main reason is that the state's investment in the environmental protection industry is increasing, and the environmental monitoring industry is in a booming cycle. At the same time, the company actively expanded the market, and the sales revenue of business orders and products increased. At present, the flue gas market of small and medium-sized industrial boilers is accelerating, and the ultra-low emission policy promotes the continuous expansion of the thermal power flue gas market. We believe that relying on the core competitive advantage, the sales volume of the company's flagship product CEMS system is expected to continue to increase, and will continue to drive the company's performance to achieve rapid growth.
Excellent cost control, slightly improved profitability.
In the first quarter, the company's sales rate and management rate were 65,438+04.0% and 65,438+03.4%, respectively, down 3.6 percentage points and 65,438+0.8 percentage points year-on-year; During the period, the rate was 26. 1%, which was 5 percentage points lower than the same period of last year. The market development mode of establishing long-term and stable cooperative relationship with large environmental protection engineering contractors and end customers, coupled with strict cost control, has enabled the company to maintain a leading level in cost control. In addition, the company's comprehensive gross profit margin in the first quarter was 46.8%, an increase of 65,438+0.7 percentage points over the same period of last year, indicating that the company's profitability has been enhanced.
Layout wisdom and environmental protection, open up new space for growth
Companies join hands to innovate ideas and make use of the advantages of both sides in software, hardware and other resources to enter the field of smart environmental protection. At present, the first project, Datong Smart Environmental Protection Information Platform, has entered the implementation stage. We believe that with the successful demonstration of Datong project, the new business model in the future is expected to achieve rapid replication in different places, and the smart environmental protection business will also open up a new and broader space for the company's sustainable growth. In addition, the company recently set up a big data company with Idea Innovation and Yang Fan, Shui Mu, and laid out the field of environmental data services in internet plus, which will help to further enhance the company's competitiveness in the field of smart environmental protection, or will accelerate the promotion of smart environmental protection business.
Revenue estimation
We believe that iron fist pollution control will become the new normal of environmental protection. The first is environmental control and monitoring. With the comprehensive and in-depth promotion of pollution control, the environmental monitoring industry will usher in more development opportunities. The company deeply understands the development trend of the industry and foresees the trend areas such as VOCs governance, ultra-low emission, smart environmental protection and environmental protection third-party operation and maintenance. With strong technical strength, rich product reserves and good brand effect, the company is expected to continue to maintain its leading position in the field of environmental monitoring in the future. In addition, the implementation of the employee stock ownership incentive plan will also help the company achieve steady growth in the medium and long term.
Risk warning
1)CEMS sales growth is less than expected;
2) The market development of new businesses such as intelligent environmental protection is lower than expected;
3) The intensification of industry competition leads to the decline of business gross profit margin.
Guodian Fresh: Technical Advantage Leads the Ultra-low Emission Market
Performance is in line with expectations: the company released the annual report of 20 14, and realized the operating income of12.77 million yuan, up 66.9% year-on-year, the net profit attributable to the mother was 27 10 million yuan, up 50.3% year-on-year, and the basic earnings per share was 0.5 1 yuan. It is proposed to distribute cash 2 yuan to every 10 share.
The desulfurization and denitrification business boosted the rapid growth of performance: the rapid growth of revenue was mainly due to the increase of revenue from desulfurization and denitrification construction business and operation business (up 160.66% and 33.88% respectively). On the basis of consolidating EPC construction business, the company actively expands BOT franchise projects. In 20 14, the company undertook two new operation projects and more than ten construction projects, and the existing eight desulfurization and denitrification operation projects will bring sustainability to the company. The main reasons why the growth rate of net profit is lower than the growth rate of revenue are as follows: 1) The comprehensive gross profit margin is 33.99%, down 2. 19pct year-on-year, mainly due to the decrease in the proportion of operating income with higher gross profit margin; 2) During the period, the expense rate increased by 1.43 percentage points year-on-year, mainly due to the increase of R&D investment by 79.7%, which led to the increase of management rate by 1.54 percentage points.
Continue to be optimistic about the future development space: 1) technical advantages lead the ultra-low emission market: in 20 14 years, the company successfully developed a single-tower integrated desulfurization and dust removal deep purification technology, which can provide an integrated solution for improving the efficiency of existing units and ultra-low emission of sulfur dioxide and soot from new units. At present, this technology has been successfully applied to improve the flue gas purification efficiency of several power plants, and passed the ultra-low emission acceptance of Shanxi Provincial Environmental Protection Department, and will continue to benefit from the air pollutant emission standards in the future. 2) Hejun shares in the establishment of industrial M&A fund to provide experience and resources for capital operation; 3) Equity incentive improves operating efficiency, high exercise conditions (CAGR is as high as 55% after 20 15-20 17) highlight performance confidence, and employee stock ownership plan improves team cohesion.
Investment suggestion: We estimate that the EPS of the company in 20 15 -20 17 will be 0.95 yuan, 1.38 yuan, 1.90 yuan, respectively, and the corresponding PE will be 39.2 times, 26.8 times and 19.5 times. With the establishment of industrial fund, it is expected that the company will have extensive expansion space in the future.
Risk warning: intensified competition, lower-than-expected project progress, customer payment risk, etc.
Sander environment: nationalization brings new opportunities
Event: Sander Group, the controlling shareholder of the company, intends to transfer its 252 million shares (accounting for 29.80% of the company's total share capital) to Tsinghua Holdings, Tichifoucault, Qingkong Assets and Jin Xin Huachuang, among which Tsinghua Holdings, Tichifoucault, Qingkong Assets and Jin Xin Huachuang are acting in concert. The turnover was 6.9965438 billion yuan. After the equity change is completed, the actual controller of the company is changed to Tsinghua Holdings.
Key points of investment
The company is a leading enterprise in solid waste treatment, and its industrial layout is improving day by day. By 20 14, the company's business has covered solid waste disposal project construction, solid waste project operation, sanitation integration, renewable resources, environmental protection equipment manufacturing, water operation and other fields. Among them, solid waste engineering has always been the company's main source of income. In 20 14, the company realized municipal construction and environmental protection equipment installation income of 3.566 billion yuan, accounting for 82% of the total income; In 20 13, the company's solid waste disposal BOT project began to generate income, and in 14, the business income jumped to 400 million yuan; Environmental sanitation integration is a newly expanded business of the company in recent years. By the end of 20 14, the company has obtained the annual contract value of environmental sanitation demolition project of about 300 million yuan. The renewable resources industry has a huge development space, and the company has completed the initial layout in the field of home appliance disassembly. It can be seen that in the field of solid waste treatment, the company has formed a complete industrial chain of preliminary engineering construction, medium-term garbage removal, post-treatment operation and resource utilization, and has a relatively stable market position in the industry.
The state-owned background of Tsinghua Holdings may win greater development opportunities for the company. Tsinghua Holdings is a wholly state-owned limited liability company established by Tsinghua University with the approval of the State Council on the basis of integrating Tsinghua's science and technology industry. Mainly engaged in the industrialization of scientific and technological achievements, high-tech enterprise incubation, investment management, asset operation and capital operation. The business fields of the invested enterprise include information technology industry, energy and environmental protection industry, life science and technology industry, science and technology service and knowledge industry. At present, the listed companies directly or indirectly controlled by Tsinghua Holdings include Tongfang, Chengzhi and Ziguang.
Tsinghua Holdings said, "At present, there is no plan to change the company's main business or make major adjustments to the company's main business, but it does not rule out adjusting the company's industrial structure in a timely manner in the next 65,438+02 months, opening up new business and improving the company's sustainable profitability and comprehensive competitiveness." At present, the energy and environmental protection industry of Tsinghua Holdings mainly involves energy-saving technologies such as new energy development and utilization, clean combustion and sewage treatment, utilization of geothermal resources, and intelligent air conditioning. 20 1 1, the total income of Tsinghua Holdings is 36.3 billion yuan, of which the income of energy and environmental protection industry accounts for 10.69%. Its environmental protection enterprises include Longjiang Environmental Protection Group, Guo Huan Tsinghua Environmental Engineering Design and Research Institute, Ziguang Taihe Tong Environmental Protection, etc. Among them, Longjiang Environmental Protection Group has nearly 20 subsidiaries, and its water treatment capacity exceeds 2.7 million cubic meters per day. According to the development strategy of Tsinghua Holdings, the environmental protection business will be vigorously developed in the future, and the resources of environmental protection industry will be effectively integrated by using the platform of listed companies to realize the synergistic effect of industrial development.
It can be expected that Tsinghua Holdings will give strong support to the company in business development, platform integration and other aspects, and the company is expected to usher in a major leap-forward development opportunity.
Earnings forecast and investment rating. Only considering the development trend of the company's existing business, we expect the company's operating income in 2015/2016/2017 to be 59.05/77.95/1065438+33 million yuan respectively. The net profit attributable to the parent company is10.85/14.16.5438+0/183400 yuan respectively, and the corresponding earnings per share are1.28/1.64 million yuan respectively. Given 2065438+25-28 times of PE in 2006, the target price range for the next 6- 12 months is 4 1.75-46.76 yuan.
Risk warning. The rapid increase of BOT operation projects and slow cash return may lead to financial risks.
Longjing environmental protection: a steady growth atmospheric benchmark stock.
Conclusion: The company has the advantages of flue gas treatment technology and will benefit from the ultra-low emission policy. In addition, the company has accumulated experience in overseas projects, divested its non-main business and promoted the incentive plan. The EPS in 20 15-20 17 years is expected to be 1.30, 1.54, 1.85 yuan, 20 15, 20 16 years respectively. Considering the advantages of the company in technology, brand and channel, combined with the high delivery plan of 20 14, the company should enjoy a certain valuation premium. Referring to the average valuation of the environmental protection industry, the company was given 20 16 35 times PE, and the target price was raised to 53.9 yuan;
The company will benefit from the ultra-low emission policy. As early as 20 12, the company had millions of large dust removal orders in Henan and Anhui; Up to now, the company has ultra-low emission mainstream technologies such as wet electrostatic precipitation and low-temperature electrostatic precipitation, which have related performance, brand and channel advantages and will benefit from the ultra-low emission policy;
Layout the field of flue gas BOT, have overseas project experience, divest non-main business (increase net profit+focus on main business), and implement internal incentives. (1) Company obtained BOT project in 2008, and newly signed BOT project of Xinjiang TBEA 2.350 MW self-provided thermal power plant in 20 12. The sulfur content in the flue gas of the project is low, the utilization hours of cogeneration are guaranteed, and BOT project can provide stable income; (2) From 2065438+00 to 20 12, the company signed power and boiler island orders with Indonesia and India respectively. At present, the project is coming to an end. 20 14 overseas EPC business has contributed 490 million yuan to the company. (3) From 2065438+03 to 2065438+05, the company sold shares of Industrial Bank, Guangzhou Development and Xikuang Environmental Protection Land respectively. In the year of 20 14, the above businesses contributed1300,000 yuan of operating income to the company; (4) From 2065438 to September 2004, the company released the employee stock ownership plan. At present, the first phase of procurement has been completed, and the second phase is being implemented steadily;
Risk factors. The ultra-low emission market is highly competitive.
Feida Environmental Protection: The non-public offering was unconditionally approved by the CSRC, and a new round of growth started.
Event: Feida Environmental Protection 65438+1October 7th issued an announcement, and the CSRC issued an audit committee to review the company's application for non-public offering of A shares. According to the audit results, the company's application for non-public offering of A shares was unconditionally passed. According to the previous disclosure, Feida Environmental intends to raise no more than 65.438+0.2 billion yuan from Juhua Group's non-public offering of shares. After deducting the issuance expenses, the raised funds will be used to acquire the equity of Jutai Company 100% and Qingtai Company 100% and supplement the working capital. After the fixed increase is completed, the controlling shareholder of Feida Environmental Protection will be changed to Juhua Group, and the actual controller will be changed to Zhejiang SASAC.
Investment points:
Fixed "boots landing" helped the company start the pace of environmental protection business integration in Quzhou City.
We guess that the cooperation between the two state-owned enterprises is an important part of the reform of state-owned enterprises in Zhejiang Province. The chairman of the group is also the mayor of Quzhou City. There is reason to believe that the approval of this fixed increase means that the company has begun to integrate the environmental protection business in Quzhou City. At present, the environmental protection business of Qingtai and Jutai is mainly based on the group's involvement in Quzhou City. At present, Qingtai has the treatment qualification of 2000 tons/year of medical waste and 6000 tons/year of hazardous waste, and the actual utilization rate is about 40%.
It is estimated that with the subsequent capacity expansion, the treatment capacity of "two wastes" will be rapidly improved on the basis of the existing 3,000 tons/year, and it is expected to reach more than 654.38+100000 tons/year in the next few years, meeting the existing hazardous waste discharge level of about 20,000 tons/year in Quzhou, and the sewage sludge treatment capacity is also expected to benefit from the rapid growth of "Water Ten Articles". According to the "three wastes" treatment fee of 3,000 yuan/ton and sewage treatment fee of 1.5 yuan/ton, we predict that Jutai and Qingtai will keep their existing treatment capacity unchanged at187,000, and the hazardous waste treatment and sewage treatment projects will continue to land on 15, and it is expected that the hazardous waste and sewage treatment capacity will increase rapidly.
The "ultra-low emission" project of thermal power was accelerated, which led to the accelerated growth of company orders.
In the month of 65438+ 10, the feasibility of ultra-low emission was defined for the first time in the national action plan for energy-saving transformation and upgrading of coal-fired power plants, and the goal of completing the ultra-low emission transformation of10.50 billion kilowatts by 2020 was put forward. 14 after the economic feasibility demonstration of technical transformation, the project is gradually promoted in the form of small-scale demonstration project. In the second half of 14, the company successfully completed the transformation of Unit 4 of Shenhua Guohua Zhoushan Power Plant, which showed the company's ability to undertake ultra-low emission projects. With the follow-up of policies and the maturity of technologies, we believe that 15 will be a great year for ultra-low emission transformation of coal-fired power plants, and the market will reach an all-round peak at 16, which will drive about 50 billion new ultra-low emission flue gas treatment markets of coal-fired power plants in the future. With the core technology of wet electrostatic dust removal, the company quickly seized the Jiangsu and Zhejiang markets, and with the demonstration project, the market share reached more than 50% in the ultra-low emission transformation of fine dust removal. It is estimated that the ultra-low emission orders of thermal power in the company 15 will increase explosively, which will drive the rapid growth of the company's traditional flue gas treatment business. The total order for flue gas treatment business in the whole year is expected to exceed 7 billion, and the acceptance of orders will continue to accelerate.
Maintain the buy rating.
The energy-saving and environmental protection industry in which the company is located is in the golden period, and the future space is huge. Since last year, the company's financial pressure has eased and the order acceptance speed has accelerated. According to the merger forecast of 15, the EPS of the company in 20 14, 20 15 and 20 16 were 0.20 yuan/share, 0.30 yuan/share, up by 99.52%, 50.00% and 72 yuan/share respectively.
Three-dimensional silk: BOT projects have gradually landed, and out-of-stock and operation and maintenance projects have brought new growth in performance.
Company announcement: The company and Loka Environmental Protection recently signed the Investment, Construction, Operation, Maintenance and Repair Contract for No.6 Boiler of Zouping Qixing Development Zone Thermal Power Co., Ltd. (hereinafter referred to as "Qixing Development Zone Contract") with Zouping Qixing Development Zone Thermal Power Co., Ltd.
The total contract price is 81914,500 yuan, and the payback period is five years, including 6 14 1000 yuan for out-of-stock system and 20.5 million yuan for operation and maintenance.
BOT order boots landed, and the company's substantial transformation into a comprehensive environmental protection service provider for flue gas treatment accelerated. Previously, the company and Loka Environmental Protection have signed a contract with Zouping Qixing Development Zone Thermal Power Co., Ltd. for the investment, construction, operation, maintenance and overhaul of the defect elimination system with an amount of about 96 million yuan, and the contract is being fulfilled. At present, there are three BOT orders with a total price exceeding 262 million yuan. As stated in our previous report, the company's long-term strategy is to gradually transform into a comprehensive environmental protection service provider in the field of flue gas treatment. More BOT projects will be signed in the future, with high gross profit margin and great contribution to the company's performance.
The landing of BOT orders will provide new profit growth points for the company, help the company to expand its business in the field of flue gas denitrification, and promote the company's substantial transformation into a comprehensive environmental protection service provider for flue gas treatment.
The company is at a turning point, and its products belong to the core varieties in the field of environmental protection. The acquisition of Lorca will bring great synergy. With the tightening of national environmental protection laws and regulations, under the background of building a beautiful China, key special implementation plans such as air pollution prevention and control, energy conservation standardization policies have been introduced one after another, and environmental protection issues have been at the forefront. As a comprehensive environmental protection service provider in the field of flue gas treatment, the company will certainly play a huge role. The company focuses on the treatment of atmospheric dust pollution. At present, high-temperature filter media products are fully produced and sold, with strong bargaining power, and the products have certain market and user stickiness. In the future, under the synergistic effect and supporting sales, the company's performance growth is guaranteed. Loka Environmental Protection has a high market position and wide brand recognition. With its help, the company will successfully enter the field of flue gas denitrification, which is an important step in the strategic transformation of the company to a comprehensive environmental protection service provider.
The leading enterprise of high-temperature filter media has gradually transformed into a comprehensive environmental protection service provider in the field of flue gas treatment, and was given a "buy" rating for the first time. As a leading enterprise of high-temperature filter media in China, the company will fully enjoy the release of industry space brought by environmental protection policies in the future, and at the same time, it will enter the field of flue gas denitrification through the acquisition of Loka Environmental Protection, and gradually move towards the strategic goal of a comprehensive environmental protection service provider in the field of flue gas treatment. Suppose the company buys Loka Environmental Protection, starts to contribute revenue from 20 15, and considers issuing diluted share capital.
Zhongdian Yuanda: The Fourth Series of Research on "Deeply Implementing Ten Atmospheric Rules" —— Building a Large Platform for Gathering Environmental Protection Resources
Investment suggestion: the field of atmospheric control is the main growth direction of the company in the future; It is estimated that from 20 15 to 20 17, the company's earnings per share are 0.60 yuan, 0.68 yuan and 0.79 yuan respectively. Considering that the company benefits from ultra-low emissions, the policy of "deeply implementing the Ten Atmospheric Rules", the layout of the water market and the advantages of the Group's resource platform (it is possible to inject the Group's thermal power environmental protection assets, dispose of nuclear waste and promote overseas business sectors in the future), we believe that the company should enjoy a certain valuation premium. Referring to the valuation of comparable companies whose main business in environmental protection sector is atmosphere, we give the company a PE level of 2065438+60 times in 2005, corresponding to a target price of 36.00 yuan.
The field of atmospheric governance is the main growth direction of the company. The promotion of ultra-low emission policy will help the company achieve steady growth; Franchise projects will provide stable cash flow for the company; The company actively lays out the fields of atmospheric control (signing a strategic framework agreement with Handan Municipal Government) and carbon sink technology "non-electricity". Overall, the field of atmospheric governance is the main growth area of the company;
Layout the water sector in advance. It is expected that the "Water Ten Articles" will be officially promulgated in April-May, which will bring considerable investment opportunities to the water sector. The company signed a sewage treatment plant project with Chaoyang municipal government and established a project company with Chaoyang municipal government to enter the local water market in PPP mode, which is in line with the industry development and policy direction; At the same time, the company is accelerating the construction of the "water island" demonstration project of power plant, and strives to make use of its own advantages in atmospheric control to realize the transformation and upgrading of the water sector;
Relying on the advantages of the Group's resource platform. Relying on the advantages of the Group's resource platform, the company may inject thermal power and environmental protection assets, dispose of nuclear waste and promote overseas business in the future.
Risk factors. Ultra-low emission propulsion speed is lower than expected; Insufficient transfer payment of national electricity price subsidies in franchising; The strength and speed of the group's support were lower than expected.
Centralized technology: building a platform for environmental monitoring and governance
Event: The company released the annual report of 20 14, and realized the operating income of1000000 yuan, up by 30.76% year-on-year, the net profit attributable to the mother of1930000 yuan, up by 2 1.02% year-on-year, and the earnings per share was 0.43 yuan, to be/kloc-. At the same time, the company announced the performance forecast for the first quarter of 20 15: the net profit returned to the mother was 4 179600 yuan -73 14400 yuan, which was 60% to 30% lower than the same period last year and lower than the market expectation.
Environmental monitoring has grown rapidly and cost control has been strengthened: in the composition of the company's main business in 20 14 years, The income of environmental monitoring system and operation and maintenance service, industrial process analysis system, laboratory analysis instrument, water conservancy and water affairs intelligent system and safety monitoring system accounted for 44. 18%, 26.7 1%, 1 1.65%,1. Among them, the sales expense ratio was 65,438+05.49%, down by 3.65,438+06 percentage points compared with the same period of last year, and management fee rate was 65,438+05.83%, down by 0.97 percentage points compared with the same period of last year. We believe that there is still room for decline and endogenous growth can be expected.
Building an environmental monitoring and governance platform: 1) The environmental tax and VOCs pollution charging system are expected to be introduced this year, and the monitoring industry and VOCs prevention and control market will be fully opened. The company's environmental monitoring system covers water quality and gas monitoring instruments. R&D+M&A will build the most complete product line, and VOCs monitoring and treatment will be actively laid out, which will significantly benefit from industry development in the future. 2) Strategic layout of smart city: 20 14 acquired Shen Dong Electronics to enter smart water conservancy, and Zhangqiu "Smart Environment" project is expected to build a national model of "smart city" construction; 3) Buy new Bailey, from monitoring to water environment management, extend the environmental protection industrial chain and build a big platform.
Risk warning: the introduction of policies is lower than expected, the project progress is lower than expected, and the risk of accounts receivable.
Qiyuan Equipment: One of the series of studies on "Thoroughly Implementing Ten Atmospheric Articles": Leveraging the advantages of the Group's platform, we will embark on the road of environmental protection and sunshine.
Investment suggestion: Based on the company's current performance, with the help of the core technology, customers and channel resources of Liuhe Tianrong in the field of environmental protection, the speed and intensity of the company's transformation may be significantly better than the industry average. It is estimated that in 20 15-20 17, the company's operating income will be 305,351and 407 million yuan respectively, and its net profit will be 0.12,0.15 and 0./kloc-respectively.
Considering that the company's current performance level and future business transformation are expected to rely on the target company Liuhe Tianrong, which is to be acquired, and there is an expectation of group assets injection, we believe that the company can enjoy a certain valuation premium, corresponding to the target price of 60 yuan, covering for the first time and giving an "overweight" rating;
The company plans to issue shares to purchase 0/00% equity of Liuhe Hotan Rong/KLOC. The counterparties are five companies including China Energy Saving; The transaction consideration is 940 million yuan; Issue 52 million shares; The issue price is 18.03 yuan/share; From 20 15 to 20 17, the company's profit forecast is 0.8, 0.9 and 1 100 million yuan respectively;
Based on strategic development, the company launched an acquisition plan that exceeded market expectations. The operating income and net profit of traditional business are not high, and the gross profit margin has declined; It is difficult to complete the transformation in a short time only by its own accumulation (new denitration catalyst). Liuhe Tianrong, the target of this proposed acquisition, has a residual income of 560 million yuan from the unexecuted or unfinished contract, which is 2.4 times of the company's 20 13 revenue. Liuhe Tianrong actively lays out "wisdom and environmental protection", which is in line with the national industrial policy orientation; Relying on China's energy conservation, the company does not rule out the possibility of asset integration with the help of the existing platforms of listed companies in the future. The successive introduction of national policies related to atmospheric control will promote the development of Liuhe Tian Rong business;
Risk factors. (1) The demand for atmospheric control has declined; (2) Fierce market competition has affected the performance of Liuhe Tianrong; (3) The progress of intelligent environmental protection agreement is lower than expected; (4) The injection of assets of the Group is less than expected.