LK(SH:600388) Xin Lang Cai Jing·2025-10-19 04:24Core Viewpoint - The company has experienced accelerated performance growth, with significant contributions from its renewable energy business, achieving a revenue of 7.858 billion yuan and a net profit of 780 million yuan in the first three quarters of 2025, representing year-on-year growth of 18.09% and 20.53% respectively [2] Group 1: Financial Performance - In Q3 alone, the company achieved a revenue of 3.175 billion yuan, marking a year-on-year increase of 60.16%, and a net profit of 335 million yuan, up 54.99% year-on-year, indicating a notable acceleration in performance growth [2] - The renewable energy sector has become a key driver of profit growth, contributing nearly 170 million yuan to net profit in the first three quarters [2] Group 2: Renewable Energy Business - The company's renewable energy business is entering a fast development phase, with the green electricity segment showing strong growth and synergy effects with its controlling shareholder, Zijin Mining [3] - Key projects include the 200MW photovoltaic and 540MWh energy storage system in the Lagocuo Phase I project, and the 200MW wind-solar project in Heilongjiang, which is expected to reach full load generation in November [3] - The company has established a deep partnership with Yiwei Lithium Energy, achieving full production and sales of energy storage cells, with a current production capacity of approximately 8.5GWh and cumulative deliveries of 5.9GWh (over 95% for export) [3] Group 3: Air Pollution Control Business - The company maintains a solid leading position in the air pollution control sector, with a balanced order structure where 61.51% of new orders come from the power industry and 38.49% from non-power sectors [4] - The company is actively responding to new coal power project constructions and environmental upgrades for existing units, ensuring stable performance [4] - The company is also strategically investing in emerging sectors, such as special robots for the energy field, to leverage its extensive customer resources in power plants [4] Group 4: Profit Forecast - The company is projected to achieve revenues of 11.829 billion yuan, 13.756 billion yuan, and 16.045 billion yuan for 2025-2027, with year-on-year growth rates of 18.06%, 16.29%, and 16.64% respectively [4] - The forecasted net profits for the same period are 1.189 billion yuan, 1.383 billion yuan, and 1.653 billion yuan, with growth rates of 43.16%, 16.31%, and 19.56% respectively [4] - Based on the closing price on October 17, 2025, the corresponding PE ratios are projected to be 16.14, 13.88, and 11.61, with EPS of 0.94, 1.09, and 1.30 yuan respectively [4]