LK(600388) 长江证券·2025-01-08 01:16Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - On January 2, 2025, the company announced that its wholly-owned subsidiary, Longjing Lianhui, plans to acquire a 15.87% stake in Hunan Chuangyuan for 63.49 million yuan, enhancing its strategic development in "environmental protection and mining equipment + new energy" [2][9]. - The company expects to generate sales of 2.1 billion yuan to Zijin Mining and its subsidiaries in 2025, indicating strong long-term performance certainty [2][9]. - The acquisition aligns with the company's strategy to enhance synergy with its controlling shareholder, Zijin Mining, which currently holds a 7.69% stake in Hunan Chuangyuan [2][9]. Summary by Sections Event Description - The company announced the acquisition of a 15.87% stake in Hunan Chuangyuan, which specializes in mining equipment, and has a strong market position in domestic and international underground mining applications [9]. - The expected sales to Zijin Mining in 2025 include 650 million yuan from spare parts and environmental equipment, 550 million yuan from wind and solar energy-related products, and 900 million yuan from green new energy mining equipment [9]. Financial Performance and Forecast - The company projects revenues of 12.21 billion yuan in 2024, 14.08 billion yuan in 2025, and 15.83 billion yuan in 2026, with net profits expected to reach 1.01 billion yuan, 1.41 billion yuan, and 1.71 billion yuan respectively [12]. - The company aims for a revenue growth of 10% year-on-year and a return on equity (ROE) of no less than 10% over the next three years [9][12]. Market Position and Strategy - The company is actively expanding its presence in the green energy sector, with over 2 GW of mining green energy projects signed and 27 projects under construction [9]. - The company has a strong focus on integrating environmental protection with new energy solutions, which is expected to drive future growth [9].