Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company has shown steady growth in net profit despite a slight decline in revenue, primarily due to operational optimizations and rising metal prices [1][2]. - The management has demonstrated strong cash flow improvement, with a significant increase in operating cash flow by 67.3% year-on-year [2]. - The company's resource recovery segment has been strategically enhanced, focusing on metals like copper, lead, and nickel, which are expected to boost profitability due to rising metal prices [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 10.16 billion yuan, a decrease of 11.3% year-on-year, while net profit increased by 15.2% to 650 million yuan [1]. - The gross margin for the same period was 17.8%, up by 3.9 percentage points, and the net margin was 7.7%, up by 2.0 percentage points [2]. - The company’s projected net profits for 2025, 2026, and 2027 are 750 million yuan, 1.03 billion yuan, and 1.25 billion yuan, respectively, with corresponding P/E ratios of 16.2, 11.8, and 9.7 [4][5]. Operational Highlights - The company has optimized its procurement channels and product structure, enhancing its competitive edge in the resource recovery sector [3]. - The environmental operations, including waste incineration power generation, have been stable, with 2.323 million tons of waste processed and 660 million kWh of electricity generated in the first half of 2025 [3].