SCIE(600546) GOLDEN SUN SECURITIES·2024-10-27 04:11Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's coal production and sales are gradually recovering, with Q3 performance showing improvement compared to Q2 [2]. - The impact of the unresolved lawsuit related to Changchun Xing has been eliminated, contributing to the improved net profit in Q3 [2]. - The company has adjusted its profit forecast downward due to a decrease in coal prices, projecting net profits of 2.945 billion, 3.276 billion, and 3.464 billion yuan for 2024, 2025, and 2026 respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 21.965 billion yuan, a year-on-year decrease of 23.99%, and a net profit of 2.082 billion yuan, down 47.91% year-on-year [1]. - In Q3 2024, the company achieved revenue of 7.908 billion yuan, a year-on-year decrease of 3.84%, but a quarter-on-quarter increase of 11.82% in net profit, amounting to 791 million yuan [1][2]. - The coal production in Q3 2024 reached 9.12 million tons, up 16.0% quarter-on-quarter, while coal sales were 12.28 million tons, up 6.4% quarter-on-quarter [2]. Cost and Profitability Metrics - The cost of self-produced coal in Q3 2024 was 268 yuan per ton, down 12.2% quarter-on-quarter, while the selling price was 660 yuan per ton, down 6.5% [2]. - The gross profit per ton of self-produced coal was 392 yuan, a decrease of 2.0% quarter-on-quarter [2]. Valuation and Forecast - The current stock price corresponds to a P/E ratio of 9.0, 8.1, and 7.7 for the years 2024, 2025, and 2026 respectively [2][3]. - The company’s total market capitalization is approximately 26.605 billion yuan [4].