研报掘金丨国盛证券：首予开山股份“买入”评级，全球化布局空间广阔

Core Viewpoint - Kaishan Group is a leading multinational enterprise in high-end equipment manufacturing and renewable energy development, focusing on compressor R&D and geothermal power generation [1] Group 1: Business Overview - The main business segments of the company are compressor manufacturing and geothermal power generation [1] - The company is actively advancing its globalization strategy, with a significant increase in overseas revenue contribution [1] Group 2: Geothermal Business Development - The company is continuously expanding its geothermal business, with a total of 7 operational geothermal power projects in 2024, contributing approximately $150 million in grid-connected revenue [1] - By the end of 2024, there will be 8 geothermal power projects under construction, with a total capacity of approximately 191 MW [1] Group 3: Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 409 million, 638 million, and 950 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 27.8%, 55.8%, and 48.9% respectively [1] - The initial coverage of the company has been rated as "Buy" [1]