WTECL(SH:600157) Minsheng Securities·2024-06-26 07:02Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5]. Core Insights - The company plans to repurchase shares with a total amount not less than RMB 150 million and not exceeding RMB 300 million, reflecting confidence in its future development and value recognition [2]. - The company aims for a coal production and sales target of over 12 million tons in 2024, with a cost reduction of over 5%, and plans to generate over 37.5 billion kWh of electricity [2]. - The Haizetan coal mine is expected to start production in 2027, potentially adding approximately RMB 9 billion in revenue and RMB 4.4 billion in net profit, leading to a projected total revenue of RMB 39.12 billion (+29.88%) and net profit of RMB 6.905 billion (+175.65%) in 2027 [2]. - The company is focusing on energy storage, with a high-purity vanadium pentoxide production line and a new generation of vanadium flow batteries expected to contribute significantly to its market share [3]. Financial Forecasts and Indicators - The company’s projected revenues for 2024, 2025, and 2026 are RMB 31.402 billion, RMB 39.450 billion, and RMB 41.905 billion, respectively, with growth rates of 4.3%, 25.6%, and 6.2% [4]. - The net profit attributable to shareholders is forecasted to be RMB 2.405 billion, RMB 2.634 billion, and RMB 3.145 billion for the years 2024, 2025, and 2026, reflecting growth rates of 6.2%, 9.5%, and 19.4% [4]. - The earnings per share (EPS) are expected to be RMB 0.11, RMB 0.12, and RMB 0.14 for 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 10, 10, and 8 [4][3].