pingmei coal(601666) Tebon Securities·2024-10-27 06:23Investment Rating - The report maintains a "Buy" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [2] Core Views - The report highlights improved cost management and high dividend yields as key factors enhancing investment value [2][5] - The company reported a revenue of 23.319 billion yuan for the first three quarters of 2023, a year-on-year increase of 0.78%, while net profit attributable to shareholders decreased by 34.91% to 2.045 billion yuan [4][5] - The report emphasizes the potential for future growth through the injection of quality assets from the controlling shareholder, Pingmei Shenma Group [5] Financial Performance Summary - For Q3 2023, the company achieved a revenue of 7.065 billion yuan, a year-on-year increase of 1.47%, but a quarter-on-quarter decrease of 11.8% [4] - The average selling price of commercial coal for the first three quarters was 1,033 yuan/ton, up 8% year-on-year, while the comprehensive cost was 718 yuan/ton, up 11% year-on-year [4] - The company’s coal production for the first three quarters was 21.061 million tons, down 8.65% year-on-year, with sales of 20.081 million tons, down 13.09% year-on-year [4] Employee Stock Ownership and Dividends - The company launched an employee stock ownership plan involving approximately 2,000 employees, aimed at enhancing operational efficiency [5] - The controlling shareholder plans to increase its stake in the company, signaling confidence in the market [5] - The company has committed to distributing at least 60% of its distributable profits as cash dividends, resulting in an annualized dividend yield of 6.5% based on Q3 performance [5] Earnings Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 2.5 billion yuan, 2.9 billion yuan, and 3.2 billion yuan respectively, with corresponding P/E ratios of 9.96, 8.65, and 7.75 [5][6]