SCIE(600546) Xinda Securities·2024-10-26 10:00Investment Rating - The investment rating for Shanmei International (600546) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report indicates that in the third quarter of 2024, Shanmei International's production and sales volumes continued to recover, with a decrease in costs leading to a sequential increase in profitability [1]. - The company achieved a revenue of 21.965 billion yuan in the first three quarters of 2024, a year-on-year decrease of 23.99%, and a net profit attributable to shareholders of 2.082 billion yuan, down 47.72% year-on-year [1]. - The report anticipates further recovery in production for the fourth quarter of 2024, supported by strong demand for coal [1]. Financial Performance Summary - For the first three quarters of 2024, Shanmei International's coal production revenue was 12.733 billion yuan, down 33.03% year-on-year, with raw coal production of 24.503 million tons, a decrease of 18.72% year-on-year [1]. - The average selling price of self-produced coal was 676.52 yuan per ton, with a cost of 292.78 yuan per ton [1]. - In the third quarter of 2024, the company reported a single-quarter revenue of 7.908 billion yuan, a year-on-year decrease of 3.84%, but a sequential increase of 2.68% [1]. Profitability and Forecast - The report projects net profits attributable to shareholders for 2024-2026 to be 2.843 billion, 3.184 billion, and 3.283 billion yuan, respectively, with EPS of 1.43, 1.61, and 1.66 yuan per share [1]. - The report highlights that the coal market is expected to maintain support for long-term contract prices, making significant price declines unlikely [1].