XINJI ENERGY(601918) 天风证券·2024-10-27 09:15Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Insights - The company's Q3 2024 revenue reached 3.204 billion yuan, a year-on-year decrease of 6.63%, while the net profit attributable to the parent company was 649 million yuan, reflecting a year-on-year increase of 5.86% and a quarter-on-quarter increase of 12.16% [1]. - The coal segment showed stable production and sales, with coal sales revenue at 7.748 billion yuan, down 6.66% year-on-year, and sales costs at 4.699 billion yuan, down 7.61% year-on-year [2]. - The power generation segment saw significant improvement, with Q3 2024 power generation reaching 3.994 billion kWh, a year-on-year increase of 20.77% and a quarter-on-quarter increase of 85.94% [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total coal production of 15.5771 million tons, a decrease of 6.17% year-on-year, and a total coal sales volume of 13.786 million tons, down 9.5% year-on-year [2]. - The average on-grid electricity price was 0.4058 yuan/kWh, a decrease of 0.93% year-on-year [3]. - The forecast for net profit attributable to the parent company for 2024-2026 is 2.222 billion, 2.643 billion, and 3.422 billion yuan, respectively, with corresponding EPS of 0.86, 1.02, and 1.32 yuan [3][6]. Financial Data and Ratios - The company's total assets are projected to be 35.304 billion yuan in 2024, with a debt-to-asset ratio of 60.41% [4][7]. - The earnings per share (EPS) for 2024 is estimated at 0.86 yuan, with a price-to-earnings (P/E) ratio of 9.29 [6][9]. - The company’s operating income for 2024 is expected to be 12.991 billion yuan, reflecting a growth rate of 1.14% [6][9].