GUANGHUI ENERGY(600256) 开源证券·2024-10-17 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The report highlights the high growth potential in the coal and coal chemical sectors, with significant dividends and share buybacks reflecting the company's value [4]. - The company reported a substantial increase in coal sales for Q3 2024, with year-on-year growth of 94.1% and quarter-on-quarter growth of 100.3% [4]. - The recovery of the Marang coal mine is expected to catalyze performance growth, and the company plans to maintain a high dividend of 0.7 yuan per share in 2024 [4]. Financial Summary - The total market capitalization of the company is 489.15 billion yuan, with a current stock price of 7.45 yuan [2]. - The company’s projected net profit for 2024-2026 is 46.1 billion, 70.8 billion, and 75.2 billion yuan respectively, with corresponding EPS of 0.7, 1.08, and 1.15 yuan [4][5]. - The company’s revenue for 2024 is estimated at 61.517 billion yuan, with a slight year-on-year increase of 0.1% [5]. - The gross profit margin is projected to be 17.4% in 2024, with a net profit margin of 7.5% [5][6]. Operational Highlights - The company aims for a coal production target of 55-60 million tons in 2024, with expectations to increase to over 80 million tons by 2025 [4]. - The daily production capacity of the Baishihu coal mine has increased by 50% to 150,000 tons per day, while the Marang coal mine is expected to ramp up to 120,000 tons per day [4]. - The company is also advancing a coal chemical project with an expected annual after-tax profit of 1.64 billion yuan upon completion [4]. Dividend and Buyback Strategy - The company has committed to a high dividend policy, maintaining a dividend of 0.7 yuan per share from 2022 to 2024, resulting in a dividend yield of 9.4% based on the current stock price [4]. - The company has repurchased 16.936 million shares, spending a total of 100 million yuan, which is expected to enhance market confidence [4].