pingmei coal(601666) 国盛证券·2024-10-27 04:11Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has demonstrated strong cost control capabilities despite a decline in revenue and profit. The strategic expansion into Xinjiang is expected to enhance future growth prospects [2][3] - For the first three quarters of 2024, the company reported a revenue of 23.319 billion yuan, a year-on-year decrease of 0.78%, and a net profit attributable to shareholders of 2.045 billion yuan, down 34.91% year-on-year [1][2] - The company plans to establish a joint venture in Xinjiang to develop coal and power projects, which could significantly increase its coal production capacity and strengthen its competitive edge [2] Financial Performance Summary - In Q3 2024, the company achieved a revenue of 7.065 billion yuan, a year-on-year decrease of 1.47%, and a net profit of 652 million yuan, down 28.15% year-on-year [1][2] - The coal production for the first three quarters of 2024 was 21.06 million tons, a decrease of 8.6% year-on-year, while coal sales were 20.08 million tons, down 13.1% year-on-year [2] - The average selling price of coal for the first three quarters was 1,033 yuan per ton, an increase of 8.2% year-on-year, while the cost per ton was 718 yuan, up 11.1% year-on-year [2] Future Projections - The company is projected to achieve revenues of 31 billion yuan in 2024, 31 billion yuan in 2025, and 31.3 billion yuan in 2026, with net profits of 2.7 billion yuan, 3.2 billion yuan, and 3.5 billion yuan respectively [2][3]