SCIE(600546) Guohai Securities·2024-10-27 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 showed a recovery in production and sales, leading to improved financial results [4] - The average coal price for the first three quarters of 2024 was 650 RMB/ton, a year-on-year decrease of 9.9% [5] - The company is expected to benefit from a slight rebound in coal prices in Q4, which may enhance its performance [5] Summary by Sections Recent Performance - In Q3 2024, the company achieved operating revenue of 7.91 billion RMB, a quarter-on-quarter increase of 2.7% but a year-on-year decrease of 3.84% [3] - The net profit attributable to shareholders was 790 million RMB, with a quarter-on-quarter increase of 11.82% and a year-on-year decrease of 13.56% [3] Production and Sales - For the first three quarters of 2024, the company produced 24.5 million tons of raw coal, a year-on-year decrease of 18.7%, and sold 33.11 million tons, a year-on-year decrease of 16.0% [4] - In Q3, the company produced 9.12 million tons of raw coal, a quarter-on-quarter increase of 16.0% and a year-on-year increase of 1.8% [4] Financial Forecasts - The company is projected to have operating revenues of 30.87 billion RMB, 32.85 billion RMB, and 33.91 billion RMB for 2024, 2025, and 2026 respectively [6] - The net profit attributable to shareholders is expected to be 3.01 billion RMB, 3.52 billion RMB, and 3.78 billion RMB for the same years [6] - The estimated EPS for 2024, 2025, and 2026 is 1.52 RMB, 1.78 RMB, and 1.91 RMB respectively [6]