证券代码：600388 证券简称：龙净环保 公告编号：2024-066 转债代码：110068 转债简称：龙净转债 福建龙净环保股份有限公司 第十届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建龙净环保股份有限公司（以下简称"公司"）第十届董事会第六次会议于 2024年7月24日在公司龙岩总部及厦门分部以现场结合视频通讯的方式召开。会 议由董事长林泓富先生主持。会议应参加董事11人，实际参加董事11人，监事列 席会议。会议召开程序符合《公司法》《公司章程》等规定。经审议，通过以下 议案： 一、审议：《关于募投项目结项及终止并将剩余募集资金永久补充流动资金 的议案》 表决结果：11 票赞成，0 票反对，0 票弃权。 针对该议案，公司监事会发表了同意意见，保荐机构东亚前海证券有限责 任公司发表了同意的核查意见。 该议案尚需提交公司 2024 年第三次临时股东大会、公司 2024 年第一次债 券持有人会议审议。 具体内容详见公司于同日在《中国证券报》和上海证券交易所网站 www.sse.com.cn ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [18]. Core Views - The successful commissioning of the 300MW photovoltaic project in Xinjiang marks a significant milestone for the company's green electricity business, demonstrating its commercial viability [24][25]. - The project is expected to generate annual operating revenue of 1.26 billion yuan and a net profit of 430 million yuan, contributing positively to the company's financial performance [14]. - The company has a dual-driven strategy focusing on "environmental protection + new energy," with strong order acquisition capabilities in its core business and ongoing expansion in the green electricity and energy storage sectors [16]. Summary by Sections Project Overview - The first phase of the Kizilsu project is expected to supply 460 million kWh of electricity annually, significantly reducing coal consumption and CO2 emissions [25]. - The project is designed to meet the electricity needs of Xinjiang Zijin Mining and is part of a larger plan that could reach a total capacity of 1GW [25]. Financial Projections - The company forecasts net profits of 1.11 billion yuan, 1.40 billion yuan, and 1.71 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 117.7%, 26.5%, and 21.7% [16]. - The projected PE ratios for the same years are 11.4x, 9.0x, and 7.4x, indicating a favorable valuation outlook [16]. Market Activity - The company has engaged in related transactions involving the sale of green energy mining equipment, with expected revenue of up to 370 million yuan in 2024 [15]. - The company has seen significant shareholding increases from its major shareholder, Zijin Mining, which enhances operational synergy and long-term growth prospects [15].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.10, maintaining the same from the previous report [6]. Core Views - The company is currently significantly undervalued, and as the transformation logic gradually materializes, its performance is expected to exceed expectations. The projected net profits for 2024, 2025, and 2026 are 1.414 billion, 1.705 billion, and 2.107 billion respectively, corresponding to EPS of 1.31, 1.58, and 1.95 [6][9]. Summary by Sections Company Events - The first phase of the 300MW photovoltaic project in Xinjiang has been successfully put into operation, marking a significant step in the company's green electricity business [9]. Market Data - The stock price range over the past 52 weeks is between 10.13 and 18.46, with a total market capitalization of 12.606 billion [6]. Business Development - The company has signed contracts for environmental engineering worth 2.311 billion in Q1 2024, with a total of 18.36 billion in hand contracts, supporting steady growth in performance [6]. - The company is actively expanding its clean energy business, with significant contributions expected from the ongoing projects [6]. - The first phase of the 2GWh battery production line is set to be operational in August 2023, with further projects planned for 2024 [6]. Strategic Initiatives - The company is moving towards providing comprehensive solutions for smart mining, including the sale of electric mining trucks and charging stations to its controlling shareholder [6].

履行的审议程序：公司于 2024 年 3 月 21 日召开公司第十届董事会第二 次会议及第十届监事会第二次会议，审议通过《关于继续使用部分闲置募集资金 进行现金管理的议案》，同意公司自董事会审议通过之日起 12 个月使用不超过 人民币 60,000 万元的闲置募集资金进行现金管理，投资于大额存单等安全性高 的保本型产品。在上述额度范围及决议有效期内，资金可以滚动使用。具体内容 详见公司披露的《关于继续使用部分闲置募集资金进行现金管理的公告》（公告 编号：2024-033）。 一、本次使用部分闲置募集资金进行现金管理提前赎回的情况 | 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于使用部分闲置募集资金进行现金管理 提前赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次赎回现金管理产品名称：大额可转让存单 本次赎回现金管理金额：55,0 ...

Investment Rating - The report maintains a "Buy" rating for the company [32][17]. Core Views - The company is benefiting from a strong order backlog in environmental projects, with contracts amounting to 183.55 billion yuan as of the end of Q1 2024, indicating a positive outlook for its core business [6][7]. - The company is expanding into the green energy mining equipment sector, aligning with the parent company's shift towards electric solutions, which is expected to enhance long-term growth prospects [6][17]. - The company has seen significant shareholding increases from its major shareholder, Zijin Mining, which has raised its stake to 23.15%, suggesting strong confidence in the company's future [6][5]. Summary by Sections Shareholding and Corporate Strategy - Zijin Mining has increased its shareholding in the company by over 1% multiple times since October 2023, totaling 80.39 million shares, which reflects a strategic move to avoid triggering a mandatory bid [6][5]. - The company is actively pursuing green energy projects, with over 2GW of signed contracts in the mining green energy sector and ongoing projects that are expected to contribute to profitability [16][17]. Financial Performance and Projections - The company is projected to achieve net profits of 1.15 billion yuan, 1.47 billion yuan, and 1.73 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 126.2%, 27.3%, and 17.5% [17]. - The company's revenue is expected to grow from 10.97 billion yuan in 2024 to 16.71 billion yuan by 2026, with a corresponding increase in gross profit margins [6][17]. Market Position and Competitive Landscape - The environmental protection industry is experiencing increased competition, which may lead to fluctuations in profit margins; however, the company is well-positioned due to its strong order intake and strategic initiatives [21][31]. - The storage industry is becoming increasingly competitive, with many companies entering the market, which could impact profitability; nonetheless, the company is making significant strides in this area [12][31].

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建龙净环保股份有限公司（以下简称"公司"）于 2020 年 3 月完成 2020 年 公开发行可转换公司债券项目（以下简称"公开发行可转债项目"）。东亚前海 证券有限责任公司（以下简称"东亚前海证券"）作为公司公开发行可转债项目 的保荐机构，委派黄德华先生、刘欣先生担任公司公开发行可转债项目的持续督 导保荐代表人。 近日，公司收到东亚前海证券出具的《关于更换福建龙净环保股份有限公司 2020 年公开发行可转换公司债券项目持续督导保荐代表人的函》，原保荐代表 人刘欣先生因个人工作变动，不再继续担任公司公开发行可转债项目的持续督导 保荐代表人。为保证公司持续督导工作的正常进行，东亚前海证券委派冯卫平先 生（简历附后）接替刘欣先生继续履行持 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-061 | | --- | --- | --- | | 转债代码：110068 | 转债简称：龙净转债 | | 福建龙净环保股份有限公司 可转债转股结果暨股份变动公告 根据相关法律法规的规定及《福建龙净环保股份有限公司公开发行可转换公 司债券募集说明书》的规定，"龙净转债"自2020年9月30日起可转换为公司股票， 转股期限为2020年9月30日至2026年3月23日。初始转股价格为10.93元/股，目前 转股价格为9.92元/股。历次转股价格调整情况如下： （一）因公司实施2019年度利润分配，转股价格于2020年7月17日由初始的 10.93元/股调整至10.73元/股，详见《龙净环保关于可转换公司债券转股价格调整 的公告》（公告编号：2020-049）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：截至2024年6月30日，累计已有人民币124,197,000元龙净转 债转为公司普通股，累计转股数12,056,6 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 关于控股股东增持公司股份超过1%的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建龙净环保股份有限公司 重要内容提示： 本次权益变动属于增持，不涉及要约收购，不会使福建龙净环保股份有 限公司（以下简称"公司"）控股股东及实际控制人发生变化。 公司控股股东紫金矿业集团股份有限公司（以下简称"紫金矿业"）通 过集中竞价方式自 2024 年 3 月 26 日、2024 年 6 月 6 日至 2024 年 7 月 1 日期 间，累计增持公司股份 11,889,700 股，占公司总股本比例 1.0998%。本次增持后， 紫金矿业及其全资子公司紫金矿业集团资本投资有限公司（以下简称"紫金资 本"）、紫金矿业投资（上海）有限公司（以下简称"紫金投资"）共持有公司 股份 250,313,361 股，占公司总股本比例 23.1534%。 一、权 ...

Investment Rating - The report maintains a "Buy" rating for the company [11][43]. Core Viewpoints - The company has a dual-driven strategy focusing on "environmental protection + new energy," with strong order acquisition capabilities in its main business and green electricity starting to contribute to performance [11][43]. - The company has signed over 2GW of green electricity projects in 2023, with more than 27 projects under construction, indicating robust growth potential in the renewable energy sector [6][11]. - The company is expanding into the mining equipment sector, leveraging its relationship with its controlling shareholder, Zijin Mining, to enhance its green energy offerings [43][44]. Financial Performance and Forecast - The company is expected to achieve net profits attributable to shareholders of 1.15 billion, 1.47 billion, and 1.72 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 126.2%, 27.3%, and 17.5% [11][18]. - Revenue projections for the company are 10.97 billion, 13.28 billion, 15.31 billion, and 16.71 billion yuan for 2024 to 2026, with a gross profit margin expected to improve from 24% to 26% over the same period [11][18]. - The company has a strong order backlog in the environmental protection sector, with contracts totaling 18.36 billion yuan as of the end of Q1 2024, reflecting improved order quality [44]. Market Position and Competitive Landscape - The energy storage industry is becoming increasingly competitive, with many companies entering the field, which may lead to significant fluctuations in profit levels [10][11]. - The company is well-positioned to capitalize on the trend of transitioning from diesel to electric vehicles in mining operations, aligning with the broader "dual carbon" strategy [43][44].

Investment Rating - The report assigns a rating of "Accumulate" to the company, maintaining the previous rating of "Accumulate" [3][4]. Core Views - The company is significantly undervalued, and as the transformation logic gradually materializes, performance is expected to exceed expectations. The forecasted net profits for 2024-2026 are 1.414 billion, 1.705 billion, and 2.107 billion yuan, respectively, corresponding to EPS of 1.31, 1.58, and 1.95 yuan. The target price remains at 18.10 yuan [4]. Summary by Sections Company Overview - The company plans to sell green energy mining equipment, including "pure electric mining trucks" and "pure electric vehicle charging and swapping stations," to its controlling shareholder, Zijin Mining, marking the first step in establishing a comprehensive mining system solution [3][4]. Business Development - The company is benefiting from the transition to electric mining trucks, which can significantly reduce carbon emissions. For instance, the carbon emissions per ton-kilometer for electric trucks are 25.6% lower than traditional diesel trucks, and operational costs can decrease by 50%-60% [4]. - The company has a solid position in the flue gas treatment and thermal power auxiliary machinery sectors, with a backlog of environmental engineering contracts amounting to 18.36 billion yuan, ensuring stable growth [4]. - The company is actively advancing its renewable energy business, with nearly 1 GW of wind and solar green electricity projects under construction and ongoing projects in both domestic and overseas markets [4]. Shareholder Confidence - Zijin Mining has been increasing its stake in the company, acquiring a total of 68.98 million shares, representing 6.38% of the total share capital, which reflects strong confidence in the company's future [4].