WTECL(SH:600157) Tebon Securities·2024-08-08 05:00Investment Rating - The report maintains a "Buy" rating for Yongtai Energy (600157.SH) [1] Core Views - Yongtai Energy is expanding its resource scale, with expected performance growth [1] - The company announced plans to acquire a 51.0095% stake in Tianyue Coal Industry for a maximum transaction price of 350 million yuan, reflecting confidence in future development [4][5] - The approval of a 5 billion yuan syndicated loan for the Hai Zetan coal mine project indicates a recovery in the company's credit and financing capabilities [5] - The company is actively pursuing mining rights for bauxite under coal, which could significantly enhance its asset value [5] - Earnings forecasts suggest a steady increase in revenue and net profit from 2024 to 2026, with projected net profits of 2.49 billion yuan, 2.82 billion yuan, and 3.80 billion yuan respectively [5] Summary by Sections Market Performance - The stock has seen a decline of 34% compared to the CSI 300 index as of August 2023, with absolute and relative declines of -6.78% and -4.17% respectively [3] Investment Highlights - The acquisition of Tianyue Coal Industry is expected to add an annual net profit of 1.3 billion yuan, with a price-to-earnings ratio of 5.14, which is lower than the average for similar transactions [4] - The Hai Zetan project is projected to produce 3 million tons of coal in 2026 and 10 million tons in 2027, potentially adding 4.4 billion yuan in net profit [5] - The bauxite mining rights could yield an additional revenue of over 2.7 billion yuan and a net profit of approximately 460 million yuan [5] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 31.75 billion yuan, 33.33 billion yuan, and 37.50 billion yuan respectively, with corresponding net profits of 2.49 billion yuan, 2.82 billion yuan, and 3.80 billion yuan [6][7] - The price-to-earnings ratios are expected to decrease from 9.81 in 2024 to 6.44 in 2026, indicating improving valuation [5][7]