ECEC(SZ:002140)2022-12-05 05:54Group 1: Industry Overview - The coal chemical industry is experiencing improved economic conditions due to rising prices of oil, chemical products, and coal, alongside the approval of six major coal chemical projects, indicating a better policy environment [1] - Long-term low oil prices may alter the national energy supply structure, increasing the import ratio [1] Group 2: Wastewater Treatment Capabilities - The company has completed over a thousand wastewater treatment projects in the chemical and petrochemical industries, including high-difficulty zero discharge projects in coal chemical wastewater [2][3] - The company is actively engaging in municipal environmental projects, adjusting its business focus according to national policies and operational needs [3] Group 3: PPP Projects and Financial Management - The company is involved in PPP projects, which align with national policy and provide reasonable gross margins, although they have long operating cycles and investment recovery periods [3] - The company's asset-liability ratio is reasonable, with liabilities primarily consisting of payables and advance receipts, reflecting effective financial control during project implementation [3] Group 4: International Business and Shareholder Actions - In 2016, the company did not announce new foreign orders but is tracking several projects in traditional chemical, new coal chemical, and thermal power sectors, with hopes for contracts in 2017 [3] - Shareholder actions, such as the reduction of stakes by Jun Kang Life Insurance, are considered self-directed and do not significantly impact the company's equity structure [3]