LK(SH:600388) Xin Lang Cai Jing·2025-08-29 02:27Core Viewpoint - The company reported steady growth in performance, with significant contributions from the new energy business, achieving operating revenue of 4.683 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 445 million yuan, a year-on-year increase of 3% [2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.683 billion yuan, which is essentially flat year-on-year [2] - The net profit attributable to shareholders reached 445 million yuan, reflecting a year-on-year growth of 3% [2] - The net profit after deducting non-recurring items was 416 million yuan, showing a year-on-year increase of 7% [2] Group 2: New Energy Business - The rapid development and profitability improvement of the new energy business were the main drivers of performance growth, with nearly 1 billion yuan in net profit generated from this segment in the first half of the year [2] - The energy storage cell business achieved full production and sales through deepened cooperation with Yiwei Lithium Energy, significantly improving operational conditions [2][3] - The company is executing a "dual-drive strategy" of "environmental protection + new energy," with the new energy business entering a fast development phase [3] Group 3: Environmental Business - The traditional environmental protection business remains stable and healthy, providing a solid performance foundation, with new environmental equipment engineering contracts totaling 5.370 billion yuan during the period [2] - The company’s traditional air pollution control business maintains a leading position, with a balanced business structure, where the power industry accounted for 61.61% of new orders [4] - The company is proactively responding to the clean and efficient transformation of coal power and the ultra-low emission renovation needs of non-electric industries [4] Group 4: Strategic Initiatives - The company is strategically entering emerging sectors, having acquired a 20% stake in Zhejiang Jitai Intelligent Technology Co., aiming to penetrate the special robot sector in the energy field [4] - This move is intended to leverage the company's extensive customer resources in power plants and form strategic synergies with Jitai Intelligent in technology and channels [4] - The company is also focusing on the electrification opportunities in mining trucks, with independent research and development of electric mining trucks progressing smoothly [3] Group 5: Profit Forecast - The company is expected to achieve operating revenues of 12.033 billion yuan, 14.009 billion yuan, and 16.360 billion yuan for 2025-2027, with year-on-year growth rates of 20.09%, 16.43%, and 16.78% respectively [4] - The net profit attributable to shareholders is projected to be 1.226 billion yuan, 1.423 billion yuan, and 1.705 billion yuan for the same period, with year-on-year growth rates of 47.69%, 16.05%, and 19.77% respectively [4] - Based on the closing price on August 27, 2025, the corresponding PE ratios are expected to be 12.88, 11.10, and 9.27 times, with EPS of 0.97, 1.12, and 1.34 yuan respectively [4]