航天工程（603698）：煤化工扩产如火如荼，煤气化设备龙头崛起

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Viewpoints - The company has developed its own coal powder pressurized gasification technology, breaking foreign technology monopolies and filling a domestic technological gap [3][6]. - The transition from a single business model to a total package and full lifecycle service has allowed the company to overcome limitations in upgrading coal gasification technology [3][29]. - The company has signed contracts for 71 coal chemical projects and sold 167 gasifiers, with a market share exceeding 50% for its latest technology [8][25]. Summary by Relevant Sections Company Overview - Founded in 2007, the company initially adopted a single business model and has since developed key technologies in coal gasification, including the gasifier and gasification burner [6][20]. - The company has received 31 new patent authorizations and 2 international PCT patents, showcasing its commitment to innovation [6][36]. Market and Policy Environment - The coal chemical industry is experiencing rapid growth, particularly in Xinjiang, with over 800 billion yuan in projected investments for coal chemical projects [7][56]. - National and local policies are strongly supporting the development of coal chemical projects, enhancing the growth potential for the company [7][56]. Technology and Competitive Advantage - The company's gasification technology is recognized for its safety, stability, coal type adaptability, economic efficiency, and environmental friendliness [6][24]. - The gasification furnace technology has a thermal efficiency of up to 95% and a carbon conversion rate of 99%, making it a reliable choice for new capacity projects [8][24]. Financial Projections - The company is expected to achieve net profits of 240 million yuan, 330 million yuan, and 460 million yuan from 2024 to 2026, with corresponding PE ratios of 38.4X, 27.6X, and 19.9X based on the closing price on March 28, 2025 [9][11].