Fujian Longking(Longking)is aleading player in China's air pollution control industry,with Zijin Mining becoming its controlling shareholder in May 2022.Longking is positioned as Zijin's integrated green energy service provider for mines,forming abusiness loop of"green power-energy storage-pure electric mining trucks."Its"source-grid-load-storage"(SGLS)and"mine-power synergy"strategies should in our view drive long-term growth.In 2025,the company's Laguocuo SGLS project has become asignificant profit contributor,with successful bids for projects such as Mamucuo and the Kailangen Hydropower Station in DRC,while actively advancing overseas power plant construction.Its electric mining trucks(EMTs)have been shipped.We believe Longking's business is steadily growing,with high-quality power plant resources demonstrating scarcity,and its clean energy and EMT segments offering substantial growth potential.We maintain BUY.
SGLS&mine-power synergy driving development
Since 2017,Longking has maintained annual new environmental protection orders above RMB9bn,benefiting from the domestic coal power"mini spring-rally"since 2022 and the ongoing ultra-low emissions push in industries such as steel,cement,and coking,which we expect to sustain steady growth.Longking's SGLS and"mine-power synergy"strategies underpin Zijin's dual-carbon goals(carbon peak by 2029/carbon neutrality by 2050),with afull-industry-chain layout in green energy solutions for mines.
Mining profitability promising;Zijin unlocking growth potential
In 2025,Longking has over 3GW of clean energy projects under development,with high-quality clean energy power plant resources in mining scenarios.We estimate the value of the Laguocuo,Mamucuo,and Kailangen Hydropower Station in DRC at RMB9.3bn.In 2024,Zijin's energy consumption reached 19.6bn kWh,with electricity/diesel/coal accounting for 53/35/14%,while diesel/coal consumption stood at 533,000/461,200 tonnes,indicating significant room for clean energy substitution.Additionally,Zijin's planned production of copper/gold/silver by 2028 exceeds 1.5mn/100/600 tonnes,representing YoY growth of no less than 37%vs 2024 levels,suggesting sustained growth in clean energy demand.
Target price at RMB28.11;maintain BUY
We forecast Longking’s attributable NP at RMB1,213/1,577/1,968mn for 2025/2026/2027,with adjustments of 0/2/2%,translating to EPS of RMB0.96/1.24/1.55.We estimate 2026 EPS for environmental protection/new energy businesses at RMB0.66/0.58.Referring to its iFinD consensus peers’average 2026E PE of 18.6/27.3x,we assign 18.6/27.3x 2026E PE(previous:16.5/19.8x)to its environmental protection/new energy segments for 2026,deriving atarget price of RMB28.11(previous:RMB21.62).Maintain BUY.

Fujian Longking(Longking)has reported 2025 revenue of RMB11,872mn(+18%YoY),attributable NP of RMB1,112mn(+34%YoY),and recurring NP of RMB1,045mn(+37%YoY),with the mid-point falling short of our forecast(RMB1,213mn)mainly due to higher-than-we-expected asset impairment losses.In 4Q25,revenue was RMB4,014mn(+19%YoY,+26%QoQ),and attributable NP was RMB332mn(+81%YoY,-1%QoQ).The company's"environmental protection+new energy"strategy has yielded significant results,with its leading position in environmental equipment remaining solid,green power project clusters contributing incremental earnings,energy storage cells achieving full production/sales and turning profitable,and EMT(electric mining truck)business making breakthroughs.We expect earnings to keep growing and maintain BUY.
New environmental protection order exceeded RMB10bn
In 2025,Longking secured RMB10,258mn of new environmental equipment project contracts,with power/non-power sectors accounting for 62/38%.At end-2025,the environmental equipment project order backlog was RMB18,890mn.Benefiting from anew round of coal power plant construction and environmental retrofits of existing units,the company's dust removal,desulfurization,and denitrification segments saw steady earnings growth,further solidifying its leadership in air pollution control.Within the ES(energy storage)segment,Longking deepened its collaboration with EVE Energy,achieving full production/sales of ES battery cells with annual deliveries of~8GWh(>95%sold externally)while at the same time turning profitable.In February 2026,its third production line commenced operations,lifting annual cell capacity to 13GWh,with order schedules extending through end-2026.Breakthroughs in sodium-ion battery R&D and signed procurement contracts have all contributed to the company’s growth potential.
Lift TP to RMB28.96 as NE comparable coms’valuation rises
We forecast the company's 2026-2028 attributable NP at RMB1,506/2,008/2,723mn(with 2026-2027 adjustments of-5/+2%),translating to EPS of RMB1.19/1.58/2.14.The adjustments mainly reflect changes in new environmental equipment orders and GE capacity installation progress.For 2026,we project environmental equipment/GE segment EPS at RMB0.65/0.53,and apply 18.5x/31.7x 2026E PE(previous:18.6x/27.3x 2026E PE),in line with its peers’averages on Wind consensus,deriving our target price of RMB28.96(previous:RMB28.11).Maintain BUY.

Fujian Longking has posted 1Q26 revenue of RMB2.37bn(+21%YoY,-41%QoQ),with the attributable net profit reaching RMB244mn(+32%YoY,-26%QoQ)and arecurring net profit of RMB225mn(+30%YoY).The attributable net profit was in line with our forecast range of RMB241-259mn.Financial expenses rose by RMB28.68mn YoY,due to increased foreign exchange losses.Excluding FX impacts,the attributable net profit would have exceeded our estimate.Total profit reached RMB285mn for 1Q26(+32%YoY),mainly driven by increased green power earnings.Longking has announced it is to establish a60GWh energy storage battery plant with Eve Energy,marking afurther step for its new energy strategy.Maintain BUY,considering Longking’s solid market position in environmental equipment and new energy becoming the key earnings growth driver.
New orders robust;set up aJV to enter large-capacity cells
In 1Q26,Longking secured RMB2.61bn of new environmental equipment and engineering contracts,with power/non-power sectors accounting for 72/28%of the total.As of 1Q26,its environmental equipment order backlog was RMB19.83bn,showing robust project reserves.The dust removal and desulfurization/denitrification segments delivered steady revenue growth,benefiting from new coal-fired power projects and retrofit requirements for existing units.This further consolidates Longking’s leadership in air-pollution control.For energy storage,according to company filings,the RMB6bn JV with Eve Energy is to establish a60GWh large-capacity battery plant(20%owned by Longking).This marks Longking’s formal entry into large-format cell manufacturing.The partners have established deep technological and supply chain synergies,with Eve transferring core technologies including 314Ah cells.Their collaboration is to extend to new energy mining trucks and microgrids,unlocking additional growth avenues.
Raise earnings forecasts and target price
We forecast attributable net profit of RMB1.51/1.95/2.56bn for 2026/2027/2028(revised by+0.2/-2.9/-6.0%vs our previous estimates,with a32%three-year CAGR),with EPS of RMB1.19/1.54/2.02.Adjustments reflect updated environmental equipment order intake and green power capacity progress.For 2026,we project environmental equipment/new energy EPS at RMB0.654/0.532.Applying its peers’average 2026E PEs of 19.0x/32.0x on Wind consensus(previously 18.5x/31.7x for 2026E)to these segments,we derive our new target price of RMB29.45(prior:RMB28.96).Maintain BUY.
Risks:slower environmental order intake than we expect;delays in green power capacity build-out;intensifying competition in energy storage cell sector.

　　投资要点
　　事件：公司公告2026年一季报，2026年一季度公司实现营业收入23.74亿元，同比增长20.77%；归母净利润2.44亿元，同比增长31.89%；扣非归母净利润2.25亿元，同比增长30.49%；加权平均ROE同比提高0.4pct，至2.2%。
　　业绩同增32%，我们预计还原后真实经营业绩增速更高。2026年一季度公司实现营业收入23.74亿元，同比增长20.77%；归母净利润2.44亿元，同比增长31.89%；扣非归母净利润2.25亿元，同比增长30.49%。2026年第一季度公司财务费用0.43亿元，同比增加0.29亿元，其中扣除利息费用和利息收入后的财务费用为0.24亿元（25年同期为-0.02亿元），我们预计是受到汇兑损益的影响。根据公司2025年年报，公司转让乐清市柳市垃圾焚烧发电项目，合并范围在2026年有所变化。考虑以上因素加回，我们预计公司真实经营业绩增速更高。
　　环保设备新签订单维持稳健，在手订单提升且充足。2026年第一季度公司新增环保设备工程合同共计26.1亿元，同比-0.57%，结构上来看，电力行业占比72.14%，非电行业占比27.86%；截至2026/3/31，公司在手环保设备工程合同198.26亿元，较2025/3/31和2025/12/31分别增加4.05亿元和9.36亿元。订单储备充足。
　　拟更名紫金龙净，紫金引领全球矿山绿能启航。公司中文名称拟变更为紫金龙净环保新能源股份有限公司，证券简称拟变更为紫金龙净，变更后的公司名更好体现产业布局、未来战略方向以及和紫金矿业的协同优势。紫金引领下，公司持续聚焦矿山微电网&矿卡电动化无人化，构建矿山绿色能源综合解决方案。根据2025年公司年报，1）绿电板块：截至2025/12/31公司矿山绿电国内外已投运绿电总装机容量约1.2GW，贡献规模利润，新项目进度来看，西藏麻米措420MWp光伏+1650MWh储能“源网荷储一体化”能源站项目按计划开展建设，刚果（金）凯兰庚140MW水力发电机组+60MWp光伏（一期）项目详细设计、施工准备等相关工作稳步推进，项目储备充足。2）电动矿卡：公司自主研发大型电动矿卡并建成总装生产线。2025年，公司突破大吨位纯电动矿用自卸车技术壁垒，下线并交付首台LK220E电动矿卡，并与西藏巨龙铜业签订首批购销合同。推进更大吨位LK350E电动矿卡、无人驾驶LK110EI电动矿卡研发，其中LK110EI实现紫金山金铜矿采购订单签订，助推绿色矿山建设与智能化转型，加快形成战略增长极。
　　盈利预测与投资评级：矿业是双碳绿能最佳的应用场景之一，紫金矿业持续赋能，矿山绿电与矿山新能源矿卡双轮驱动，助力矿业持续成长与绿色转型。我们维持2026至2028年归母净利润预测14.1/17.5/20.2亿元，2026至2028年PE为18/14/12倍（估值日2026/4/22），维持“买入”评级。
　　风险提示：项目投产进度不及预期，市场竞争加剧等

　　龙净环保发布一季报，2026年Q1实现营收23.74亿元（yoy+21%、qoq-41%），归母净利2.44亿元（yoy+32%、qoq-26%），扣非净利2.25亿元（yoy+30%），归母净利符合华泰预测区间（2.41~2.59亿元）；其中财务费用同比增加2,868万元，主要是汇兑损失增加所致；若剔除汇兑因素影响，归母净利超预期。Q1实现利润总额2.85亿元（yoy+32%），主要得益于绿电利润增加。公司公告与亿纬锂能合资设立60GWh储能电池工厂，新能源战略全面深化。公司“环保+新能源”双轮驱动成效显著，环保装备龙头地位稳固，新能源业务贡献核心增量，业绩有望持续增长，维持“买入”评级。
　　环保订单新增26亿元，储能合资切入大容量电芯
　　2026Q1公司新增环保设备工程合同26.1亿元，其中电力/非电行业占比72%/28%，3月末在手环保设备工程合同198.26亿元，订单储备充足。得益于新一轮煤电项目建设和现役机组的环保改造需求，公司除尘、脱硫脱硝板块业绩稳步增长，持续巩固大气污染治理领域龙头地位。储能方面，公司公告与亿纬锂能共同投资60亿元设立合资公司建设60GWh大容量储能电池工厂，公司持股20%，正式切入大容量储能电芯制造环节；双方已在技术与供应链领域构建深度协同体系，亿纬锂能全面输出314Ah等型号电芯核心技术，并将在新能源矿卡、矿山微电网等多领域联合开发，成长空间进一步打开。
　　“矿电联动”持续贡献，绿电利润稳步释放
　　2025年末公司已投运绿电总装机容量约1.2GW。公司通过“矿电联动模式”保障绿电业务刚性需求和支付能力，2025年绿电业务实现营收6.0亿元，同比增长399%，贡献规模化净利润。2026Q1新能源业务收入增加驱动利润总额同比增长32%，绿电业务持续释放利润。2025年巴彦淖尔紫金、苏里南、圭亚那二期等一批项目建成投运；麻米措源网荷储一体化能源站项目有望于26Q2投运；刚果（金）凯兰庚水电站项目有序推进。
　　电动矿卡落地验证商业模式，高壁垒赛道构筑新增长极
　　公司电动矿卡业务实现“从0到1”关键突破，自主研发的LK220E纯电动矿卡（220吨级/载重140吨）于2025年12月正式交付西藏巨龙铜业，并签署批量采购合同，LK110EI无人驾驶矿卡签订紫金山金铜矿采购订单。龙净以“系统集成+技术品牌”轻资产模式切入，依托紫金全球14个国家矿山应用场景，提供绿色矿山场景解决方案，有望快速实现从“1到N”复制。
　　小幅调整盈利预测，基于可比均值上调目标价
　　我们预计公司26-28年归母净利润为15.09/19.50/25.59亿元（较前值分别调整+0.2%/-2.9%/-6.0%，三年复合增速为32%），对应EPS为1.19/1.54/2.02元。调整主要基于环保新增订单与绿电装机进展变化。预计2026年环保、新能源EPS为0.654、0.532元，可比公司2026年Wind一致预期PE均值为19.0、32.0倍，给予公司2026年环保、新能源19.0、32.0倍PE（前值2026年18.5、31.7倍），目标价29.45元（前值28.96元），维持“买入”评级。
　　风险提示：新增环保订单不及预期，绿电运营产能建设不及预期，储能电芯行业竞争加剧。

　　事件：公司发布2025年年度报告，实现营业收入118.72亿元，同比增长18.49%；实现归属于上市公司股东的净利润11.12亿元，同比增长33.95%；实现扣除非经常性损益的净利润10.45亿元，同比增长37.18%。
　　核心观点：
　　业绩稳健增长，新能源板块成为核心驱动力。公司2025年业绩表现亮眼，营业收入双位数增长，归母净利润与扣非归母净利润同比增速均超30%。业绩增长的核心驱动力源于“环保+新能源”双轮驱动战略的成功推进，特别是新能源业务板块实现快速增长，已成为公司新的业绩增长引擎。传统大气环保治理业务则充分发挥“压舱石”作用，在手订单充足，为公司业绩提供了坚实基础。资产负债率60.65%，较期初下降0.77个百分点；有息负债率16.68%，长期维持较低水平，资产负债结构持续优化，整体经营状况更加健康良性。
　　新能源业务多点开花，绿电贡献规模利润，储能成功扭亏为盈。新能源业务板块2025年实现收入25.27亿元，同比大幅增长488.16%。（1）绿电业务开始贡献规模性利润。报告期内，巴彦淖尔紫金70MW风电、刚果（金）穆索诺伊、圭亚那二期等一批项目建成投运，国内外已投运绿电总装机容量约1.2GW。绿电业务全年实现收入6.00亿元，同比增长398.51%，毛利率46.96%。（2）储能业务实现盈利。储能业务全年实现收入19.27亿元，同比增长523.08%，通过提质提产、降本增效，产品满产满销，成功实现盈利。2025年储能电芯累计交付约8GWh，新建的第三条生产线于2026年2月投产，届时电芯总产能将提升至每年13GWh，订单已排产至2026年底。公司同时积极布局钠离子电池，已完成碳170Ah钠离子电池样品开发。
　　电动矿卡打开新空间，传统环保主业展现韧性。（1）电动矿卡业务取得突破。公司聚焦矿卡电动化市场，成功下线并交付首台LK220E纯电动矿卡，并与西藏巨龙铜业签订首批购销合同，公司逐步构建出“风光水储装”一体化矿山绿色能源综合解决方案，加快形成战略增长极。（2）传统环保主业展现韧性。大气治理业务作为业绩“压舱石”，龙头地位进一步巩固。公司紧抓煤电新建市场，获得多个1000MW、600MW级煤电机组除尘项目合同。年初至报告期末公司新增环保设备工程合同102.58亿元，其中电力行业占比61.98%，非电行业占比38.02%；报告期末公司在手环保设备工程合同188.90亿元，订单储备充足。同时，新版《环境空气质量标准》（GB3095-2026）的发布以及对水泥、焦化行业明确的超低排放改造目标，将为大气治理市场带来持续需求。
　　盈利预测：我们预计公司2026-2028年实现营业收入分别为138.43/159.37/181.37亿元，同比增长16.60%/15.13%/13.80%，归母净利润分别为14.32/17.13/19.87亿元，同比增长28.74%/19.59%/16.04%，根据2026年3月20日收盘价，对应PE分别为15.98/13.36/11.52倍，EPS分别为1.13/1.35/1.56元，给予公司“推荐”评级。
　　风险提示：市场拓展不及预期；行业竞争加剧；政策转向风险；汇率波动风险。