Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 28.96 [1]. Core Views - The company has demonstrated significant growth in revenue and net profit, driven by its dual strategy of "environmental protection + new energy," with a notable increase in green electricity projects and energy storage sales [5][6]. - The company achieved a revenue of RMB 11.87 billion in 2025, representing an 18% year-over-year increase, and a net profit of RMB 1.11 billion, up 34% year-over-year [5]. - The company has secured new environmental equipment contracts exceeding RMB 10.26 billion, with a strong order backlog of RMB 18.89 billion, indicating robust future growth potential [6]. - The green electricity segment has shown remarkable growth, with revenues reaching RMB 600 million in 2025, a 399% increase year-over-year, contributing significantly to net profits [7]. - The electric mining truck business has made a breakthrough, with the delivery of the LK220E model and signed contracts for further purchases, indicating a strong market position [8]. Financial Forecasts and Valuation - Revenue projections for the company are expected to grow from RMB 14.07 billion in 2026 to RMB 20.17 billion in 2028, with corresponding net profits increasing from RMB 1.51 billion to RMB 2.72 billion [4]. - The report anticipates an EPS of RMB 1.19 for 2026, with a PE ratio of 15.19, reflecting a favorable valuation compared to industry peers [4][9]. - The target price adjustment to RMB 28.96 is based on updated profit forecasts and comparable company valuations, indicating a positive outlook for the company's stock performance [9].