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].