Minsheng Securities·2024-07-21 06:02Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company is planning a strategic partnership with Highfield Resources Limited, aiming to become the largest shareholder and gain control through asset injection and cash subscription [1]. - The company is increasing its potassium fertilizer business by acquiring high-quality potassium resources, which will enhance its competitive position and reduce operational risks [1]. - The coal production target for 2024 is set at 140 million tons, representing a 5.97% increase from 2023, supported by internal and external growth strategies [2]. Financial Summary - The projected revenue for 2024 is 152.91 billion yuan, with a growth rate of 1.9% [3]. - The net profit attributable to shareholders is expected to be 18.21 billion yuan in 2024, reflecting a decrease of 9.6% compared to 2023 [3]. - Earnings per share (EPS) for 2024 is estimated at 1.81 yuan, with a price-to-earnings (PE) ratio of 9 times based on the stock price as of July 19, 2024 [3][6]. Growth Potential - The company aims to achieve a coal production capacity of 300 million tons per year within 5-10 years, indicating strong growth potential [2]. - The company plans to maintain a stable capital expenditure while increasing production capacity, with a dividend payout ratio of 60% of distributable profits, enhancing its investment appeal [2].