Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to see a significant increase in net profit, with a forecasted 2024 net profit of 181 million yuan, representing a year-on-year growth of 100.11% [4][10]. - The revenue for 2024 is projected to be 927 million yuan, reflecting a year-on-year increase of 14.69% [10]. - The company has optimized its business structure, leading to sustained profit growth, particularly in the product sales and operational services segments [4][5]. Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3]. Financial Performance - The company’s revenue structure has shifted, with operational services now accounting for the largest share of revenue at 34.74%, followed by product sales at 29.11% [5]. - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points, attributed to the acquisition of Longli Chemical [6]. - The company’s copper extraction agent business has shown strong performance, with Longli Chemical's revenue increasing by over 36% and net profit by 121% post-acquisition [7]. Profit Forecast - The company is expected to maintain stable gross margins across its business segments, with projected net profits of 183 million yuan in 2025, 218 million yuan in 2026, and 258 million yuan in 2027, reflecting year-on-year growth rates of 1.4%, 18.9%, and 18.6% respectively [10][12].