LK(SH:600388) Soochow Securities·2024-07-29 06:00Investment Rating - The report maintains a "Buy" rating for the company, projecting significant growth in net profit for 2024-2026 [2][8]. Core Insights - The company is accelerating its green electricity projects, with successful commissioning of the 300MW photovoltaic project in Xinjiang and the lithium extraction project in Tibet [8][9]. - The projected net profit for 2024 is 1.15 billion yuan, representing a year-on-year growth of 126% [2][8]. - The company is expected to benefit from high electricity prices and strong demand for renewable energy, particularly in mining operations [18]. Financial Projections - Total revenue is forecasted to increase from 10,973 million yuan in 2023 to 14,312 million yuan in 2024, reflecting a growth rate of 30.44% [1][7]. - The diluted EPS is expected to rise from 0.47 yuan in 2023 to 1.06 yuan in 2024 [1][12]. - The company's P/E ratio is projected to decrease from 24.64 in 2023 to 10.90 in 2024, indicating improved valuation [1][12]. Project Developments - The company has successfully launched the first phase of the La Guo Cuo lithium extraction project, with a capacity of 75MW photovoltaic and 126.25MW/405MWh electrochemical energy storage [8][9]. - The total investment for the La Guo Cuo project is approximately 600 million yuan, with an expected annual electricity generation of 140 million kWh [18].