Research Report Mining | Soochow Securities: Maintains "Buy" Rating on Longjing Environmental Protection, Driven by Dual Engines of Mine Green Electricity and Mine New Energy Mine Trucks

Dongwu Securities research report points out that Longjing Environmental Protection’s mine microgrid & mine cart electrification and automation build a comprehensive green energy solution for mines. By 2025, revenue is projected to reach 11.872 billion yuan, an 18.49% increase; net profit attributable to parent company is expected to be 1.112 billion yuan, a 33.95% increase. Performance is steadily growing, with environmental protection equipment steadily improving and green electricity energy storage accelerating volume growth. By 2025, the company will break through the technical barriers of large-tonnage pure electric mining dump trucks, deliver the first LK220E electric mine cart, and sign the first batch of purchase and sales contracts with Tibet Julong Copper. It will promote the R&D of larger-tonnage LK350E electric mine carts and autonomous LK110EI electric mine carts, with the LK110EI securing a purchase order from Zijinshan Gold and Copper Mine, helping to advance green mining construction and intelligent transformation, and accelerating the formation of strategic growth poles. The company’s environmental protection efforts are stable, orders are abundant, and in October 2025, the company will initiate refinancing, with Zijin Mining fully subscribing in cash, increasing its shareholding ratio. Zijin Mining continues to empower, with dual drives of green electricity and new energy mine carts, supporting sustained growth and green transformation in the mining industry. Maintain a “Buy” rating.