中煤能源：业绩稳健，价值凸显

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has demonstrated stable performance with a notable value proposition despite a decline in revenue and net profit year-on-year [1][2]. - The coal production and sales have shown resilience, with a slight increase in self-produced coal sales in Q3 2024 [2]. - The report projects a gradual recovery in net profit over the next few years, with expected net profits of 19.2 billion, 21.4 billion, and 23.7 billion for 2024, 2025, and 2026 respectively [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 140.41 billion yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 14.61 billion yuan, down 12.43% [1]. - In Q3 2024, the company achieved a net profit of 4.83 billion yuan, a slight decrease of 0.55% year-on-year, while revenue increased by 1.23% to 47.43 billion yuan [1]. - The average selling price of self-produced thermal coal decreased by 5.5% year-on-year to 503 yuan/ton for the first three quarters of 2024 [2]. Production and Cost Analysis - The company produced and sold 102.31 million tons and 205.51 million tons of raw coal respectively in the first three quarters of 2024, reflecting a year-on-year increase of 1.1% in production but a decrease of 4.3% in sales [2]. - The cost of self-produced coal for the first three quarters of 2024 was 287 yuan/ton, a year-on-year increase of 2.8%, while in Q3 2024, the cost dropped to 274 yuan/ton, down 12.2% year-on-year [2]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 19.2 billion, 21.4 billion, and 23.7 billion yuan respectively, with corresponding P/E ratios of 9.2X, 8.2X, and 7.4X [2][3].