平煤股份：2024年三季报点评：24Q3成本控制良好，业绩环比持平

Investment Rating - The report maintains a "Recommended" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [1] Core Views - The company reported a net profit attributable to shareholders of 2.045 billion yuan for the first three quarters of 2024, a year-on-year decrease of 34.91%, with operating revenue of 23.319 billion yuan, a year-on-year increase of 0.78% [1] - The company has shown good cost control, with Q3 2024 performance remaining stable compared to the previous quarter [1] - The company’s coal production and sales have declined, with significant cost increases observed [1] - The major shareholder's plan to increase holdings and the employee stock ownership plan reflect confidence in the company's long-term value and stable development [1] - The company has a robust dividend policy, with a projected dividend yield of 5.5% based on the 2024 net profit forecast [1] Financial Performance Summary - For Q3 2024, the company achieved a net profit of 655 million yuan, a year-on-year decrease of 27.89%, with coal sales volume of 6.5943 million tons, a year-on-year decrease of 12.86% [1] - The average selling price of coal in Q3 2024 was 918.34 yuan per ton, a year-on-year increase of 5.56%, while the cost per ton was 608.42 yuan, a year-on-year increase of 5.53% [1] - The gross profit from coal business for Q3 2024 was 2.044 billion yuan, a year-on-year decrease of 7.98% [1] - The company’s projected net profits for 2024-2026 are 2.321 billion, 2.580 billion, and 2.816 billion yuan, respectively, with corresponding EPS of 0.94, 1.04, and 1.14 yuan per share [1][2] Strategic Initiatives - The company is implementing a premium coal strategy and maintaining a high dividend payout ratio, which is expected to enhance its investment appeal [1] - The major shareholder's plan to increase holdings by 300-600 million yuan demonstrates confidence in the company's future [1] - The employee stock ownership plan aims to boost employee motivation and enhance company competitiveness [1]