LK(SH:600388) Soochow Securities·2025-10-18 09:44Investment Rating - The investment rating for Longking Environmental (龙净环保) is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 7.858 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 18.09%. The net profit attributable to shareholders was 780 million yuan, up 20.53% year-on-year [8] - The green electricity and energy storage segments have made significant contributions to the company's performance, with the green electricity business contributing nearly 170 million yuan in net profit [8] - The company has a robust order backlog of 19.7 billion yuan, with new contracts signed for environmental equipment engineering increasing by 1.1% year-on-year [8] - The company is strategically expanding into the mining equipment sector and has made investments in special robots for energy applications [8] Financial Summary - Total revenue forecast for 2023A is 10.973 billion yuan, with a projected increase to 12.097 billion yuan in 2025E, reflecting a growth rate of 20.74% [1] - The net profit attributable to shareholders is expected to rise from 508.97 million yuan in 2023A to 1.23175 billion yuan in 2025E, indicating a growth of 48.33% [1] - The earnings per share (EPS) is projected to increase from 0.40 yuan in 2023A to 0.97 yuan in 2025E [1] - The price-to-earnings (P/E) ratio is forecasted to decrease from 37.70 in 2023A to 15.58 in 2025E [1]