龙净环保：紫金再度增持，第七次公告增持超1%

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].