SCIE(600546) KAIYUAN SECURITIES·2024-10-26 08:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The report highlights that the company's Q3 performance improved sequentially due to increased coal production and sales, despite a year-on-year decline in revenue and net profit. The company reported a revenue of 21.96 billion yuan for the first three quarters of 2024, down 24% year-on-year, and a net profit of 2.08 billion yuan, down 47.9% year-on-year. However, Q3 alone saw a revenue of 7.91 billion yuan, up 2.7% quarter-on-quarter, and a net profit of 790 million yuan, up 11.8% quarter-on-quarter [2][3]. - The report emphasizes the stable release of coal production capacity and the company's commitment to high dividends from 2024 to 2026, which enhances its long-term investment value [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 21.96 billion yuan, a decrease of 24% year-on-year. The net profit attributable to shareholders was 2.08 billion yuan, down 47.9% year-on-year, and the net profit after deducting non-recurring gains and losses was 2.19 billion yuan, down 46.1% year-on-year. In Q3 alone, the operating income was 7.91 billion yuan, up 2.7% quarter-on-quarter, and the net profit was 790 million yuan, up 11.8% quarter-on-quarter [2][3]. - The coal production for the first three quarters was 24.5 million tons, down 18.7% year-on-year, with Q3 production at 9.12 million tons, up 16% quarter-on-quarter. The total coal sales for the first three quarters were 33.11 million tons, down 16% year-on-year, with Q3 sales at 12.28 million tons, up 6.4% quarter-on-quarter [2][3]. Price and Cost Analysis - The average selling price of coal for the first three quarters was 650 yuan per ton, down 9.9% year-on-year. In Q3, the average selling price was 633 yuan per ton, down 3.3% quarter-on-quarter. The cost per ton of coal also decreased, leading to a relatively stable gross profit margin [2][3]. - The gross profit per ton of coal for the first three quarters was 226 yuan, down 24.8% year-on-year, with Q3 gross profit per ton at 229 yuan, down 0.1% quarter-on-quarter [2][3]. Capacity and Dividend Outlook - The company is progressing with capacity expansion, with several projects underway that could further increase coal production capacity. The report mentions specific projects and their expected output increases [2][3]. - The company has committed to distributing at least 60% of its distributable profits as cash dividends from 2024 to 2026, with a current dividend yield of 6.9% based on the October 25, 2024 closing price [2][3].