Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year growth of 37.0%, primarily driven by the gradual release of capacity in the metal resource recycling segment [1][2]. - The net profit attributable to the parent company slightly decreased to 480 million yuan, down 4.5% year-on-year, mainly due to significant profit declines in the environmental engineering segment and goodwill impairment related to acquisitions [1][5]. - The solid waste and hazardous waste recycling segment saw a substantial revenue increase of 72.2% year-on-year, totaling 11.14 billion yuan, with a gross margin of 9.1% [2]. - The environmental operation service segment's revenue grew by 6.3% year-on-year to 1.73 billion yuan, with a gross margin of 49.9% [2]. - The environmental engineering segment's revenue fell by 34.3% year-on-year to 1.63 billion yuan, with a gross margin of 12.9% [2]. Summary by Sections Financial Performance - The company's overall gross margin decreased to 14.4%, down 3.8 percentage points year-on-year, primarily due to a significant drop in the gross margin of the environmental engineering segment [3]. - The company improved its expense control, with a total expense ratio of 7.3%, down 2.9 percentage points year-on-year [3]. - Operating cash flow significantly improved to 760 million yuan, a 17.1 billion yuan increase compared to the previous year [3]. Business Segments - The company has established a comprehensive industrial chain for multi-metal extraction, enhancing profitability through integrated operations in copper, lead, and nickel recycling [4]. - The copper recycling segment has seen operational improvements and successful project launches, contributing to a closed-loop industrial chain for resource recovery [4]. - The lead recycling segment has optimized its product structure and expanded raw material types, achieving a comprehensive recovery chain [4]. - The nickel recycling segment's new project has significantly enhanced the ability to separate and purify precious metals, improving competitive strength [4]. Profit Forecast - The company is expected to achieve net profits of 680 million yuan, 810 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14.1, 11.9, and 10.2 [5][6].