Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company announced the investment in the Ma Mi Cuo integrated energy station project and the Congo (Kinshasa) Kalan Geng hydropower station project, with expected operational contributions starting from Q2 2026 [2][4] - The Ma Mi Cuo project is projected to generate an annual net profit of 130 million yuan, while the Congo project is expected to yield 358 million yuan annually, indicating a strong growth potential for the company [2][4] - The green electricity logic of the company continues to be validated, and the long-term development outlook remains positive [2] Summary by Sections Project Announcements - On September 12, 2025, the company announced the investment in the Ma Mi Cuo energy station and the Congo hydropower station projects [4] - The Ma Mi Cuo project is expected to be operational by Q2 2026, with a projected electricity price of 0.7 yuan/KWh (including tax) and an estimated annual net profit of 130 million yuan [2][4] - The Congo project is anticipated to be operational by 2029, with a supply electricity price of approximately 0.16 USD/KWh (excluding tax) and an estimated annual net profit of 358 million yuan [2][4] Financial Projections - The company is expected to achieve net profits of 1.103 billion yuan in 2025, 1.402 billion yuan in 2026, and 1.701 billion yuan in 2027, representing year-on-year growth rates of 32.8%, 27.1%, and 21.4% respectively [2] - The projected PE ratios for 2025, 2026, and 2027 are 15.1x, 11.9x, and 9.8x respectively, indicating a favorable valuation outlook [2] Operational Insights - The company has successfully operated the first phase of the La Guo Cuo project at full capacity and has seen stable operations in various overseas projects [2] - The green electricity projects are expected to contribute significantly to the company's profits, with a projected profit elasticity of 59% compared to the company's 2024 net profit [2]

（文章来源：证券日报） 证券日报网讯 9月12日晚间，龙净环保发布公告称，2025年9月12日，公司召开第十届董事会第十七次 会议，审议通过了《关于投资建设刚果（金）凯兰庚水电站项目的议案》，公司全资子公司紫金龙净清 洁能源有限公司（简称"紫金龙净"）通过其全资子公司紫金龙净国际（香港）控股有限公司在刚果 （金）收购了GML公司80%股份（已经公司2025年第一次投资与决策委员会审议通过），获取了 140MW刚果（金）凯兰庚水电站项目（简称"项目"）开发权，项目总投资金额约为3.99亿美元，拟由公 司自筹。 ...

龙净环保公告，全资子公司紫金龙净通过其全资子公司龙净香港在刚果（金）收购了GML公司80%股 份，获取了140MW刚果（金）凯兰庚水电站项目开发权。项目总投资金额约为3.99亿美元，拟由公司 自筹。项目位于刚果（金）上洛马米省的Lualaba河上，距离紫金矿业在刚果（金）的权属企业所在地 科卢韦齐200km。项目预计建设期为3.5年，预计年利用小时数为5100小时，预计年发电量7.14亿度。项 目建成后90%电量将优先提供给紫金矿业在刚果（金）权属企业，10%将供给当地社区。 ...