YMCC(SH:600691) EBSCN·2024-09-19 23:37Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 1.71 CNY per share [4]. Core Views - The company is undergoing a state-owned asset restructuring, with Shanxi Lu'an Chemical Co., Ltd. becoming the largest shareholder, holding 24.19% of the company's shares. This restructuring is expected to enhance the company's resource access and support its coal chemical industry chain development [1]. - The company is actively expanding into the hydrogen energy sector, leveraging its subsidiaries and partnerships to establish a comprehensive hydrogen energy supply chain. The hydrogen production capacity is projected to reach 648 million cubic meters annually, positioning the company as a major supplier in the region [1]. - The financial forecasts for the company indicate a steady growth in net profit, with expected figures of 61 million CNY, 101 million CNY, and 132 million CNY for 2024, 2025, and 2026 respectively, translating to EPS of 0.03 CNY, 0.04 CNY, and 0.06 CNY [2]. Financial Summary - The company's revenue for 2024 is projected to be 17,933 million CNY, showing a growth rate of 8.22% compared to the previous year [3]. - The net profit for 2024 is expected to be 70 million CNY, with a significant recovery from previous losses [3]. - The company has a current total market capitalization of 40.63 billion CNY, with a total share count of 2.376 billion shares [4].