中煤能源：成本降低业绩稳定，资产结构持续优化

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown stable performance despite a decline in revenue and profit due to effective cost control and a continuous optimization of its asset structure [1][2] - The coal sales volume has maintained a growth trend, with a slight increase in overall coal sales despite a decrease in prices [1][2] - The company is expected to achieve steady growth in profits due to its high proportion of long-term contracts and internal growth momentum [2] Financial Performance Summary - For the first three quarters of 2024, the company reported operating 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% year-on-year [1] - The company's cash flow from operating activities was 25.76 billion yuan, a decrease of 9.16% year-on-year, with basic earnings per share at 1.10 yuan, down 12.70% year-on-year [1] - The coal sales volume for the first three quarters was 100.38 million tons, an increase of 0.7% year-on-year, with the average selling price of thermal coal at 503 yuan per ton, down 5.5% year-on-year [1][2] Cost Control and Profitability - The company has effectively controlled costs, with the unit sales cost of self-produced coal decreasing by 2.8% year-on-year to 286.6 yuan per ton [1] - The gross profit from coal business was 29.25 billion yuan, a decrease of 7.0% year-on-year, indicating that good cost control has helped stabilize performance in a declining market [1] - The company’s chemical products also showed significant cost reductions, with unit sales costs for various products decreasing [1] Debt and Asset Management - The company has continued to repay debts, with non-current liabilities due within one year decreasing by 36.6% year-on-year to 13.79 billion yuan [1] - The asset-liability ratio improved to 47.08%, a decrease from the previous year, indicating a stronger balance sheet [1] Earnings Forecast - The company is expected to achieve net profits of 19.23 billion yuan, 19.57 billion yuan, and 20.25 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.45 yuan, 1.48 yuan, and 1.53 yuan [2][3]