WTECL(600157) 民生证券·2024-06-26 06:30Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][3]. Core Views - The company demonstrates confidence in its future development by announcing a share buyback plan with a total amount between RMB 150 million and RMB 300 million, aimed at employee stock ownership plans or equity incentives [2]. - The company focuses on coal-electricity integration to ensure stable growth in 2024, with plans to achieve coal production and sales of over 12 million tons and reduce costs by more than 5% [2]. - The Haizetang coal mine is expected to significantly boost the company's performance, with projected additional revenue of approximately RMB 9 billion and net profit of about RMB 4.4 billion upon full capacity by 2027 [2]. - The company is expanding into the energy storage sector, with a high-purity vanadium pentoxide production line and a large-capacity vanadium flow battery production line set to commence operations in the fourth quarter of 2023 [2]. - The forecasted net profit for 2024-2026 is RMB 2.405 billion, RMB 2.634 billion, and RMB 3.145 billion, respectively, with corresponding EPS of RMB 0.11, RMB 0.12, and RMB 0.14 [2][3]. Financial Summary - The company's projected revenue for 2024 is RMB 31.402 billion, reflecting a growth rate of 4.3% compared to 2023 [3]. - The net profit attributable to shareholders is expected to grow by 6.2% in 2024, reaching RMB 2.405 billion [3]. - The company aims for a total revenue of RMB 39.450 billion in 2025, representing a growth rate of 25.6% [3]. - The projected EBITDA for 2024 is RMB 8.261 billion, with a net profit margin of 7.66% [7].