CITIC Securities released Jiaxi energy research report pointed out that the company to CCO as the core to expand the chemical industry chain, the formation of upstream and downstream complementary and complementary mode of circular economy, while using by-products of hydrogen to create new growth points. We believe that the company has formed a more stable performance growth mode based on the above business layout, and the current valuation level is at a low level, covering 15.3 yuan target price and "buy" rating for the first time.