BGE(SH:603588) Soochow Securities·2025-11-22 11:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is strategically advancing into the mining sector, which is expected to open a second growth curve through resource recycling [7] - The company plans to issue H shares to deepen its international strategy and is expected to benefit from rising metal prices in its resource projects [7] - The financial forecasts indicate a steady improvement in operational performance, with projected net profits of 8.0 billion, 9.1 billion, and 10.5 billion for 2025 to 2027 [7] Financial Summary - Total revenue is projected to grow from 10,580 million in 2023 to 17,552 million by 2027, with a compound annual growth rate (CAGR) of approximately 8.05% [1][8] - The net profit attributable to shareholders is expected to increase from 504.64 million in 2023 to 1,051.34 million by 2027, reflecting a significant growth trajectory [1][8] - The earnings per share (EPS) is forecasted to rise from 0.33 in 2023 to 0.69 by 2027, indicating improved profitability [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 20.53 in 2023 to 9.85 by 2027, suggesting an attractive valuation over time [1][8]