SHCI(601225) GOLDEN SUN SECURITIES·2024-10-30 00:42Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company reported a net profit of 15.943 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.46%, with total revenue of 125.427 billion yuan, also down 1.57%. However, in Q3 2024, the net profit was 5.387 billion yuan, reflecting a year-on-year growth of 17.1%, and revenue reached 40.69 billion yuan, up 10.66% year-on-year [1][2]. - The company has signed an asset transfer intention agreement with its controlling shareholder, Shaanxi Coal Group, to acquire the entire equity of Shaanxi Coal Power Group, which is a significant step towards establishing a "coal-electricity integration" operational model [3]. Summary by Sections Production and Sales - For Q1-Q3 2024, the company achieved coal production of 127.77 million tons, a year-on-year increase of 2.8%, and coal sales of 195.95 million tons, up 5.1%. In Q3 2024, raw coal production was 41.37 million tons, a year-on-year increase of 2.9% but a quarter-on-quarter decrease of 8.0%. Coal sales in Q3 were 6.44 million tons, up 11.3% year-on-year but down 8.1% quarter-on-quarter [2]. Pricing and Cost - The average coal price for Q1-Q3 2024 was 618 yuan/ton, a decrease of 6.2% year-on-year, but it increased from 575 yuan/ton in the first half of 2024. The cost per ton of coal was 404 yuan, down 2.5% year-on-year [2]. Financial Projections - The company is projected to achieve net profits of 21 billion yuan, 22 billion yuan, and 23.4 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11.5X, 11.0X, and 10.3X [3][7].