SHENHUO COAL&POWER(SZ:000933) Guolian Securities·2024-10-23 05:30Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 28.314 billion yuan for Q1-Q3 2024, a year-on-year decrease of 1.10%, and a net profit attributable to shareholders of 3.538 billion yuan, down 13.75% year-on-year [2][6] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 675 million yuan, which accounts for 19.07% of the net profit attributable to shareholders for the first nine months of 2024 [2][6] - The projected net profits for 2024-2026 are 4.688 billion, 5.881 billion, and 6.625 billion yuan, with year-on-year changes of -20.61%, +25.44%, and +12.65% respectively [2][6] Financial Performance - For Q3 2024, the company achieved a revenue of 10.093 billion yuan, a year-on-year increase of 6.02% and a quarter-on-quarter increase of 0.96% [6] - The net profit for Q3 2024 was 1.254 billion yuan, down 8.00% year-on-year but up 5.09% quarter-on-quarter [6] - The gross profit margin for Q1-Q3 2024 was 24.54%, a decrease of 2.71 percentage points year-on-year [6] Product and Market Insights - The company’s electrolytic aluminum production is expected to increase in Q3 2024 due to abundant electricity supply in Yunnan [6] - The average price of electrolytic aluminum in Q3 2024 increased by 3.9% year-on-year but decreased by 4.6% quarter-on-quarter [6] - The average price of the main product, anthracite coal, decreased by 13.7% year-on-year and 3.1% quarter-on-quarter [6] Future Outlook - The company is expected to maintain its competitive edge in the coal, electricity, and aluminum sectors despite seasonal factors [6] - The projected earnings per share (EPS) for 2024-2026 are 2.08, 2.61, and 2.95 yuan, with corresponding price-to-earnings (P/E) ratios of 8.9, 7.1, and 6.3 [2][6]