低碳冶金工程出海龙头，宝武入主开新篇

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company is positioned as a leader in low-carbon metallurgy engineering, with a strong focus on international expansion and technological advancements in low-carbon solutions [17]. - The domestic steel industry's transition to low-carbon operations is accelerating, leading to increased demand for metallurgical technology upgrades [17]. - The company benefits from its rich technological reserves in low-carbon metallurgy and is involved in significant projects, including hydrogen metallurgy initiatives [17]. - The acquisition by Baowu Steel Group is expected to enhance resource allocation and accelerate the company's growth trajectory [17]. - The company has demonstrated strong financial performance, with a commitment to maintaining a high dividend payout ratio [17]. Summary by Sections Company Overview - The company is a leading international service provider in metallurgy engineering, with comprehensive capabilities in engineering contracting across various sectors, including mining and energy [11][21]. Domestic Steel Low-Carbon Transition - The report highlights the Chinese government's policies aimed at reducing carbon emissions in the steel industry, with a target of completing ultra-low emission upgrades for over 80% of steel production capacity by 2025 [34][36]. - The company is well-positioned to capitalize on the growing demand for low-carbon transformation projects within the steel sector [12][34]. Emerging Market Demand - There is a robust demand for metallurgical engineering in emerging markets, particularly in South Asia, Southeast Asia, and the Middle East, driven by rapid urbanization and industrialization [15][17]. - The company has successfully executed projects in 32 countries along the Belt and Road Initiative, with a significant increase in overseas orders [17][58]. Financial Analysis - The company has shown consistent revenue growth, with a projected compound annual growth rate (CAGR) of 26% for revenue and 12% for net profit from 2018 to 2023 [17][59]. - The report forecasts net profits of 786 million, 880 million, and 983 million yuan for 2023, 2024, and 2025, respectively, indicating strong growth potential [17][59].