LK(600388) 国泰君安·2024-07-21 22:31Investment 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].