LK(600388) 长江证券·2024-07-29 06:01Investment Rating - The report maintains a "Buy" rating for the company [19][6]. Core Views - The company is advancing the La Guo Cuo Phase I and II project, which is expected to generate an annual net profit of 0.37 billion yuan. The estimated settlement electricity price is 0.798 yuan/KWh, with an annual power generation of 140 million KWh [5][15]. - The company has secured 1.65 billion yuan in orders for energy storage as of the end of Q1 2024 and is expanding into the mining equipment business [2][17]. - The controlling shareholder, Zijin, has increased its stake in the company by over 1% on seven occasions since October 2023, indicating confidence in the company's long-term development [6][19]. - The company has a clear dual-driven strategy of "environmental protection + new energy," with strong order acquisition capabilities in its main environmental business and initial contributions from green electricity and energy storage [6][19]. Financial Forecasts and Valuation - The company is projected to achieve net profits attributable to shareholders of 1.11 billion, 1.40 billion, and 1.71 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth of 117.7%, 26.5%, and 21.7% [6][33]. - The corresponding PE valuations for these years are estimated at 11.3x, 8.9x, and 7.4x [6][33].