Science Environmental Protection (SH:688480) Changjiang Securities·2024-11-22 00:36Investment Rating - The report maintains a "Buy" rating for the company [9][10]. Core Views - The company plans to invest approximately 5.2 million yuan to construct and operate an ammonium rhenate production line with a designed capacity of about 2 tons per year at the Jilin Zijin Copper Industry site [5][9]. - The company's stock incentive plan for 2024 aims for a revenue growth rate of no less than 35%, with expected revenues of 1.09 billion yuan and 1.5 billion yuan for 2024 and 2025, respectively [9][10]. - The company achieved a revenue of 585 million yuan in the first three quarters of 2024, which is 53.7% of the target, but is expected to meet the annual target due to significant revenue recognition in Q4 [9]. Summary by Sections Event Description - On November 20, 2024, the company announced its intention to sign a cooperation agreement with Jilin Zijin Copper Industry for the construction and operation of an ammonium rhenate production line [5]. Financial Performance - The company reported a total revenue of 808 million yuan in 2023, with projections of 1.171 billion yuan in 2024, 1.529 billion yuan in 2025, and 1.65 billion yuan in 2026 [18]. - The net profit attributable to the parent company is expected to be 202 million yuan in 2024, 219 million yuan in 2025, and 237 million yuan in 2026 [18]. Market Position - The company’s revenue from related transactions with Zijin Mining is expected to reach 450 million yuan in 2024, a 60.2% increase from 2023 [12][13]. - The acquisition of a 61% stake in Fujian Zijin Longli Chemical Co., Ltd. is anticipated to enhance the company's synergy in metal resource recovery and expand its overseas market [13].