Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15] Core Views - The company has shown improvement in its business structure, with a significant increase in revenue and net profit for 2024. The revenue reached 927.19 million yuan, a year-on-year increase of 14.69%, while the net profit attributable to shareholders was 180.76 million yuan, up 100.11% year-on-year [7][8][15] - The company is focusing on enhancing its overseas business and deepening cooperation with Zijin Mining, which has led to a notable increase in overseas revenue [14][15] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 927.19 million yuan, with a year-on-year growth of 14.69%. The net profit attributable to shareholders was 180.76 million yuan, reflecting a 100.11% increase year-on-year. The first quarter of 2025 saw revenue of 170 million yuan, a 63.46% increase year-on-year, but net profit decreased by 77.68% to 18 million yuan [8][9][15] - The gross profit margin improved by 5.91 percentage points to 34.74% in 2024, driven by the growth in high-margin product sales and operational services [9][15] Business Structure Improvement - The sales and operational service revenue has increased, indicating a positive shift in the business structure. The product sales segment generated 269 million yuan, a 96% increase year-on-year, with a gross margin of 49.29% [9][10] - The operational services segment achieved revenue of 321 million yuan, up 66.06% year-on-year, although the gross margin slightly decreased [13][15] International Expansion - The company has deepened its collaboration with Zijin Mining, resulting in related revenue of 255 million yuan, accounting for 27.5% of total revenue. Overseas business revenue reached 83 million yuan, a 25.5% increase year-on-year, with a gross margin of 42.5% [14][15] Profit Forecast and Valuation - The profit forecasts for 2025-2026 have been adjusted to 196 million yuan and 245 million yuan, respectively, with expected year-on-year growth rates of 8.32% and 25.21%. The corresponding P/E ratios are projected at 16.0 and 12.8 times [15][18]

Core Viewpoint - Company achieved robust financial performance in 2024, with significant growth in net profit and revenue, indicating a strong operational strategy and market positioning [2][3][4]. Financial Performance - In 2024, the company's net profit attributable to shareholders reached 180.76 million yuan, with a year-on-year growth of 100.11%, while the net profit excluding non-recurring items was 116.45 million yuan, up 54.68% [2]. - The total revenue for 2024 was 927.19 million yuan, reflecting a year-on-year increase of 14.69% [3]. - By the end of 2024, total assets amounted to 1.83 billion yuan, a growth of 22.31% from the beginning of the year, and equity attributable to shareholders was 1.07 billion yuan, up 15.30% [3]. Business Segments - The company reported substantial growth in its main business segments, with product sales and operational services increasing by 96% and 66% respectively compared to the previous year [3]. Strategic Direction - The company has established a strategic direction focusing on "environmental protection + resource recovery + new materials," aiming to enhance the sustainability of its business model and increase the proportion of revenue from product sales and operational services [5]. - Plans include pursuing mergers and acquisitions to extend vertically and horizontally along the business chain, as well as increasing investment in research and development to accelerate the commercialization of new technologies [5]. Industry Outlook - The heavy metal pollution control industry is characterized by its necessity and urgency due to the severe nature of heavy metal contamination. The Chinese government has implemented various policies to support this sector, leading to increased market demand for heavy metal pollution control solutions [7]. - Stricter environmental standards in the non-ferrous metal industry are pressuring companies to invest more in pollution control measures, further driving market growth [7]. Recent Performance Metrics - In Q1 2025, the company reported a main revenue of 170 million yuan, a year-on-year increase of 63.46%, while the net profit attributable to shareholders was 17.73 million yuan, down 77.68% [8]. - The company’s gross margin stood at 36.21%, with a debt ratio of 39.12% [8]. Analyst Ratings - Over the past 90 days, three institutions have provided ratings for the stock, with two recommending a buy and one suggesting an increase in holdings. The average target price set by analysts is 39.18 yuan [9].