Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of 181 million yuan in 2024, representing a year-on-year growth of 100% [2] - The non-recurring net profit for 2024 is projected to be 116 million yuan, with a year-on-year increase of 54.7% [2] - For Q1 2025, the non-recurring net profit is anticipated to be 17 million yuan, reflecting a year-on-year growth of 10.1% [2] - The company's business structure has significantly improved, with an increase in the proportion of operational revenue, enhancing its sustainable operating capacity [2] - The ramp-up of production capacity at Longli Chemical and the ammonium rhenate project are expected to contribute to revenue growth [2] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 927 million yuan, a year-on-year increase of 14.69% [6] - The net profit attributable to shareholders reached 181 million yuan, a year-on-year growth of 100.11% [6] - The non-recurring net profit for 2024 was 116 million yuan, up 54.68% year-on-year [6] - For Q1 2025, the company reported revenue of 17 million yuan, a significant year-on-year increase of 63.46% [6] Business Structure and Revenue Breakdown - The operational service revenue increased by 66.1% to 321 million yuan in 2024, with a stable gross margin [12] - The revenue from product sales rose by 96.0% to 269 million yuan, primarily due to the integration of Longli Chemical [12] - The revenue from comprehensive solutions for heavy metal pollution decreased by 34.2% to 303 million yuan, attributed to reduced downstream copper smelting projects [12] Future Outlook - The company plans to invest 5.2 million yuan in collaboration with Jilin Zijin Copper Industry to build a production line for ammonium rhenate, which is expected to generate approximately 19 million yuan in annual revenue once fully operational [12] - The production capacity utilization rate for Longli Chemical is projected to reach 79.6% in 2024, indicating potential for profit growth as capacity increases [12] - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 157 million, 195 million, and 235 million yuan respectively, with corresponding PE ratios of 21x, 17x, and 14x [12]