Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.11 RMB [6][7]. Core Insights - The company, Longjing Environmental Protection, is a leader in China's air pollution control industry, benefiting from its partnership with Zijin Mining to become a comprehensive green energy service provider for mining [1][14]. - The "source-network-load-storage" and "mining-electricity linkage" strategies are expected to drive long-term growth, with significant contributions from clean energy projects and electric mining vehicles [1][2][15]. - The company has maintained over 9 billion RMB in new environmental orders annually since 2017, supported by the ongoing demand for ultra-low emissions in industries such as steel and cement [2][17]. Summary by Relevant Sections Environmental Business Growth - Longjing Environmental Protection has consistently added over 9 billion RMB in new environmental orders each year since 2017, benefiting from the domestic coal power market and the push for ultra-low emissions in various industries [2][17]. - The company achieved revenue of 78.58 billion RMB in the first nine months of 2025, reflecting an 18.09% year-on-year increase, with a net profit of 7.80 billion RMB, up 20.53% year-on-year [17]. Clean Energy Projects - By 2025, the company is expected to have over 3 GW of installed capacity in clean energy projects, with significant value in projects like Lagocuo and the Congo Kinshasa hydropower station, estimated at 9.3 billion RMB [3][15]. - The clean energy projects are positioned to replace fossil fuels, with Zijin Mining's energy consumption in 2024 projected at 19.6 billion kWh, where fossil fuels account for nearly 50% [3][15]. Electric Mining Vehicles - The company has developed a closed-loop business model integrating "green electricity-storage-electric mining vehicles," with the first electric mining vehicle delivered, reducing transportation costs significantly compared to fossil fuel vehicles [4][15]. - The cost per ton-kilometer for electric mining vehicles is approximately 0.177 RMB, only 26% of the cost for fossil fuel vehicles [15]. Strategic Partnerships and Future Growth - Zijin Mining's increasing stake in Longjing Environmental Protection, potentially reaching 33.76% after a planned capital increase of up to 2 billion RMB, reflects confidence in the company's growth trajectory [29][30]. - The dual empowerment strategy between Longjing and Zijin is expected to leverage synergies in the green energy sector, aligning with Zijin's carbon neutrality goals for 2029 and 2050 [14][31].

证券研究报告 龙净环保 (600388 CH) 源网荷储+矿电联动打开成长空间 2026 年 1 月 21 日│中国内地 环保工程及服务 龙净环保为我国大气治理行业龙头，2022 年 5 月紫金矿业成为龙净控股股 东。龙净定位紫金旗下矿山绿色能源综合服务商，形成"绿电-储能-纯电矿卡" 业务闭环，"源网荷储"和"矿电联动"有望驱动长期发展。2025 年公司 拉果错源网荷储项目已成为重要利润贡献，中标麻米错、刚果金凯兰庚水电 站等项目，同时积极推进海外电站建设，电动矿卡已正式交付。我们认为龙 净环保业务稳健增长，优质电站资源具备稀缺性，清洁能源和电动矿卡成长 空间广阔，维持"买入"评级。 环保主业稳健增长，"源网荷储"和"矿电联动"驱动发展 2017 年以来龙净每年新增环保订单维持 90 亿以上，受益于 2022 年以来国 内煤电"小阳春"行情和钢铁、水泥、焦化等行业超低排放的持续推进，有 望保持平稳发展。龙净环保"源网荷储"和"矿电联动"强力支撑紫金双碳 战略（2029 碳达峰/2050 碳中和），全产业链布局矿山绿色能源解决方案。 矿业场景下盈利可期，紫金扩产打开成长空间 我们与市场观点不同之处 1）市场担 ...

对于海外工程承包商和投资方而言，业主是谁，决定了项目的性质、风险和机会。近期，一项在刚果(金)投资近4亿美元的水电站项目，揭示了一个重要 变化：我们的业主正在改变。本文从最近一笔刚果（金）近4亿美元水电站投资案例入手，讨论"资源方主导基建"这一新趋势，并探讨其为行业带来的些 许影响。 一、一份常规公告，一个"隐藏"的业主 近日，龙净环保公告，计划投资约3.99亿美元，在刚果(金)建设一个140兆瓦的水电站。 二、投资的核心逻辑：为主业护航，化外部制约为内部优势 初看之下，这是一个标准的海外能源项目： 项目地点：刚果(金) 投资模式：建设-经营-移交（BOT），特许经营30年 回报方式：已签订长期购电协议（PPA），电力消纳有保障 如果仅看至此，这似乎是面向公开市场招标的常规基建项目。但关键信息在于其电力消纳方：该水电站90%的电量，将出售给紫金矿业在当地的矿山 （10%供给当地社区）。 考虑到龙净环保的控股股东正是紫金矿业，项目的真正"业主"便浮出水面。这并非一次单纯面向市场的第三方投资，而是一次由资源方为满足自身需求而 主导的、精准的内部产业协同。 要理解此项投资，我们需要站到资源方的战略层面进行分析。 1 ...