Minsheng Securities·2024-10-27 08:17Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Views - The company has demonstrated strong performance with its leading advantages continuing to be released, despite a slight decline in net profit year-on-year [2][6]. - The company is expected to see an increase in coal production and sales, with a forecasted growth in net profit for the years 2024 to 2026 [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 253.90 billion yuan, a year-on-year increase of 0.57%. The net profit attributable to shareholders was 46.07 billion yuan, a decrease of 4.55% year-on-year [3][4]. - In Q3 2024, the company reported operating revenue of 85.82 billion yuan, with a quarter-on-quarter increase of 3.37% and a year-on-year increase of 6.70%. The net profit attributable to shareholders was 16.57 billion yuan, reflecting a quarter-on-quarter increase of 10.54% and a year-on-year increase of 21.66% [3][4]. Coal Production and Sales - In the first three quarters of 2024, the company produced 244 million tons of coal, a year-on-year increase of 1.0%, and sold 345 million tons, a year-on-year increase of 3.8%. The average selling price was 564 yuan per ton, down 3.3% year-on-year [4][6]. - In Q3 2024, the company produced 81.2 million tons of coal, with a slight year-on-year decrease of 0.1%, and sold 116 million tons, a year-on-year increase of 2.7%. The average selling price was 559 yuan per ton, reflecting a quarter-on-quarter increase of 1.9% [4][6]. Power Generation and Transportation - The total power generation for the first three quarters of 2024 was 168.14 billion kWh, a year-on-year increase of 7.6%. The total sales of electricity were 158.27 billion kWh, a year-on-year increase of 7.8% [6]. - In Q3 2024, the company’s power generation reached 64.1 billion kWh, with a year-on-year increase of 14.4%, and the sales volume was 60.38 billion kWh, also reflecting a year-on-year increase of 14.9% [6]. Profitability and Future Outlook - The report forecasts that the company's net profit attributable to shareholders will be 60.52 billion yuan in 2024, with expected earnings per share (EPS) of 3.05 yuan, and a price-to-earnings (PE) ratio of 13 times [6][7]. - The company is expected to maintain a strong market position with continued growth in coal production and electricity sales, indicating a positive outlook for the coming years [6][7].