Tianfeng Securities·2024-10-26 12:31Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company's Q3 2024 net profit attributable to shareholders increased by 21.66% quarter-on-quarter, reaching 16.57 billion yuan, with a year-on-year growth of 10.5% [1]. - The coal segment showed stable production and sales, with a decrease in per ton coal cost, leading to an expansion in gross profit per ton [2]. - The power segment experienced a significant recovery due to seasonal factors, with a notable increase in electricity sales volume [3]. - The profit forecast for 2024-2026 remains stable, with net profit estimates of 63.1 billion yuan, 64.1 billion yuan, and 64.3 billion yuan respectively, corresponding to EPS of 3.17 yuan, 3.23 yuan, and 3.24 yuan [3]. Summary by Sections Financial Performance - In Q3 2024, the company's operating revenue was 85.821 billion yuan, a year-on-year increase of 3.4% [1]. - The coal segment's revenue for the first three quarters of 2024 was 201.319 billion yuan, with a year-on-year growth of 0.6% [2]. - The power segment's revenue for the first three quarters of 2024 was 70.367 billion yuan, also reflecting a year-on-year increase of 3.4% [3]. Cost and Profitability - The cost of self-produced coal decreased to 186.3 yuan per ton, a year-on-year decline of 2.5% [2]. - The gross profit per ton of coal in Q3 2024 was 188.48 yuan, showing a quarter-on-quarter increase of 23.09% [2]. - The average selling price of electricity was 0.43 yuan per kilowatt-hour, with a quarter-on-quarter decrease of 3.22% [3]. Future Outlook - The company maintains a positive outlook for the next three years, with stable profit growth projected [3]. - The target price and current price details are not specified in the report, but the current price is noted at 40.93 yuan [4].