DTCIC(601001) 山西证券·2024-10-30 03:30Investment Rating - The report maintains a "Buy-A" rating for Jinneng Holding Shanxi Coal Industry (601001 SH) [1] Core Views - The company's coal production and sales have remained stable, with a slight decrease in sales revenue but an increase in gross profit margin for the coal business [1] - The company's financial health is robust, with a significant reduction in debt ratio and financial expenses, and a strong cash position [1] - The company is expected to maintain a high dividend payout ratio and has potential for growth through asset injections and new resource acquisitions [1] Financial Performance - For the first nine months of 2024, the company reported a total operating revenue of 11 234 billion yuan, a slight decrease of 0 19% year-over-year [1] - Net profit attributable to the parent company was 2 151 billion yuan, down 0 62% year-over-year, while non-GAAP net profit increased by 0 88% [1] - The company's coal production reached 25 7941 million tons, up 1 47% year-over-year, and coal sales were 22 0696 million tons, down 0 3% [1] - The average selling price per ton of coal was 494 21 yuan, with a cost of 261 85 yuan per ton, resulting in a gross profit margin of 47 02%, up 0 33 percentage points [1] Future Outlook - The company plans to produce 34 5 million tons of coal and sell 29 4 million tons in 2024, which is expected to be achieved based on Q3 performance [1] - The report forecasts EPS (diluted) for 2024-2026 to be 1 98, 2 04, and 2 09 yuan respectively, with corresponding P/E ratios of 8 0, 7 8, and 7 6 times [1] Financial Ratios and Valuation - The company's ROE for the first nine months of 2024 was 12 3%, down 1 83 percentage points year-over-year [1] - The P/E ratio for 2024 is estimated at 8 0 times, with a P/B ratio of 1 4 times [1] - The company's net profit margin is expected to remain stable at around 21 6% in 2024 [2]