NMHD(SH:600863)2024-10-29 09:42Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a slight increase in profit year-on-year for Q3, with a net profit of 7.02 billion yuan, reflecting a 0.19% growth [4][5] - The overall revenue for the first nine months of 2024 was 165.83 billion yuan, a decrease of 2.36% compared to the previous year [4] - The company's coal production capacity has increased to 15 million tons per year, supporting profitability in the coal sector [5][6] - Financial costs have significantly decreased, contributing positively to the company's performance [6] Summary by Relevant Sections Financial Performance - For the first nine months of 2024, the company achieved a net profit of 24.69 billion yuan, a year-on-year increase of 13.08% [4] - The average selling price of electricity decreased by 3.44% to 334.78 yuan per megawatt-hour [5] - The company's coal production reached 10.56 million tons, a 2.34% increase year-on-year, with sales volume up by 10.67% [6] Profitability Forecast - The forecasted net profits for 2024, 2025, and 2026 are 26.19 billion yuan, 28.15 billion yuan, and 32.02 billion yuan respectively, with corresponding PE ratios of 11, 11, and 9 [7] - The company plans to distribute at least 70% of its distributable profits as dividends in 2024, leading to a projected dividend yield of 5.8% [7] Market Comparison - The company's stock price closed at 4.59 yuan, with a market capitalization of approximately 29.96 billion yuan [1][2] - The stock has shown a performance trend compared to the CSI 300 index, indicating relative market behavior [3]