GUANGHUI ENERGY(600256) Minsheng Securities·2024-08-31 12:39Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 17.249 billion yuan, down 50.84% year-on-year, and net profit at 1.455 billion yuan, down 64.70% year-on-year [1] - The coal production and sales have decreased, but the approval of the Malang coal mine project is expected to lead to production growth in the second half of the year [1] - The company's natural gas sales have declined due to strategic adjustments, despite stable operations in self-produced gas [1] - The methanol production has increased, and the profitability of coal chemical products has improved [1] - The company is making steady progress in its heavy oil development projects, further solidifying its energy layout strategy [1] Financial Forecasts - The company is projected to achieve net profits of 4.444 billion yuan, 4.901 billion yuan, and 5.533 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.68, 0.75, and 0.84 yuan per share [2][7] - The PE ratios for the years 2024, 2025, and 2026 are expected to be 9, 8, and 7 respectively [2][8] - The revenue for 2024 is forecasted to be 40.212 billion yuan, a decrease of 34.6% compared to 2023 [2][7] Production and Sales Performance - In the first half of 2024, the company's coal production was 11.5087 million tons, down 17.78% year-on-year, and coal sales were 15.7101 million tons, down 2.66% year-on-year [1] - The average selling price of coal in the first half of 2024 was 455.36 yuan per ton, a slight increase of 1.77% year-on-year [1] Strategic Developments - The company has received approval for the Malang No. 1 coal mine project, which has a construction scale of 10 million tons per year, including 8 million tons of conventional capacity and 2 million tons of reserve capacity [1] - The company is actively adjusting its business structure at the Qidong LNG receiving station, reducing trade scale in response to falling international gas prices [1]