XINJI ENERGY(601918) KAIYUAN SECURITIES·2024-10-27 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company reported a significant increase in Q3 performance, with a quarter-on-quarter revenue growth of 9.45% and a net profit growth of 12.16% [3]. - The coal-electricity integration strategy is accelerating, with expectations for stable profit growth and improved valuation as the integration is fully realized [3]. - The company is projected to achieve net profits of 2.51 billion, 2.71 billion, and 3.19 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 19.0%, 7.8%, and 18.0% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 9.189 billion yuan, a decrease of 5.19% year-on-year, and a net profit of 1.824 billion yuan, also down by 5.01% year-on-year [3]. - In Q3 alone, the company reported a revenue of 3.204 billion yuan, with a net profit of 649 million yuan, marking a quarter-on-quarter increase of 12.16% [3]. - The average selling price of coal for the first three quarters was 562 yuan per ton, up 3.14% year-on-year, while the average selling price in Q3 was 558 yuan per ton, reflecting a slight increase of 0.75% quarter-on-quarter [3]. Production and Sales Data - The company produced 15.58 million tons of raw coal in the first three quarters of 2024, a decrease of 6.17% year-on-year, with sales of 13.88 million tons of commercial coal, down 6.74% year-on-year [3]. - In Q3, the raw coal production was 5.20 million tons, a decrease of 3.11% quarter-on-quarter, while commercial coal sales increased by 2.24% quarter-on-quarter [3]. Future Outlook - The company is expected to benefit from favorable coal prices and increased power generation in Q4 2024, with new power generation units contributing to profit growth [3]. - The ongoing construction of new power plants is anticipated to enhance the company's coal-electricity integration and profitability stability by 2026 [3]. - The company aims to increase its dividend payout in the future, supported by stable earnings and high return on equity (ROE) [3].