中煤能源：Q3归母净利润环比增长，煤炭成本有所下滑

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 0.17% quarter-on-quarter, attributed to effective cost control, with a decrease in various expenses [1] - The coal business revenue for the first three quarters of 2024 was 117.85 billion yuan, down 11% year-on-year, primarily due to falling coal prices [2] - The company maintained its profit forecast for 2024-2026, with net profit estimates of 19.39 billion yuan, 19.86 billion yuan, and 20.52 billion yuan respectively, corresponding to EPS of 1.46, 1.50, and 1.55 yuan [3] Financial Performance Summary - In Q3 2024, the company's operating revenue was 47.428 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to shareholders was 4.826 billion yuan, a year-on-year decrease of 0.6% [1] - The coal production for the first three quarters of 2024 was 102 million tons, a year-on-year increase of 1.1%, with a slight decrease in mining costs [2] - The company's EBITDA for 2024 is projected to be 49.03 billion yuan, with a P/E ratio of 9.05 and a P/B ratio of 1.12 [7][10] Cost Management - The unit sales cost of self-produced coal for the first three quarters of 2024 was 286.6 yuan/ton, down 2.8% year-on-year, mainly due to reductions in depreciation, maintenance, transportation, and other costs [2] - The gross profit margin for polyolefins increased by 13.4% year-on-year, while the gross profit margin for urea decreased by 25.7% [3] Market Position - The company's total A-share market capitalization is approximately 121.17 billion yuan, with a total A-share capital of 9.152 billion shares [4] - The stock price has shown fluctuations, with a peak of 15.92 yuan and a low of 8.31 yuan over the past year [4]