PJRC(600395) KAIYUAN SECURITIES·2024-10-26 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was impacted by a decline in coal sales, but power projects are progressing steadily. The company reported a revenue of 6.45 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.4%, and a net profit attributable to shareholders of 35 million yuan, down 95.5% year-on-year [1][2] - The report anticipates a recovery in net profit for 2025 and 2026, projecting net profits of 373 million yuan and 548 million yuan respectively, with corresponding EPS of 0.17 yuan and 0.26 yuan [1][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.4 billion yuan, a quarter-on-quarter increase of 14.6%, but a net loss of 2 million yuan, a quarter-on-quarter decline of 113.1% [1] - The average selling price of coal for the first three quarters was 829 yuan per ton, up 7.2% year-on-year, while the cost per ton increased by 19.2% to 644 yuan [1][3] Coal and Power Business - Coal production and sales significantly declined due to safety regulations, with production and external sales of 6.91 million tons and 5.92 million tons respectively for the first three quarters, down 25.1% and 37.7% year-on-year [1] - The company’s power generation capacity is expanding, with a significant increase in power generation and grid-connected electricity in Q3 2024, achieving 241.66 million kWh, a quarter-on-quarter increase of 161.8% [1][2] Future Outlook - The company has a total production capacity of 23.1 million tons per year, with ongoing projects expected to add 2.2 million tons of capacity by 2026 [1] - The integration of coal, electricity, and renewable energy projects is progressing, with a total installed capacity of 1.32 million kW for coal-fired power and approximately 1.22 million kW for renewable energy [1][3]