SHCI(601225) Tianfeng Securities·2024-10-30 05:12Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [4][12]. Core Insights - The company's Q3 2024 revenue reached 40.69 billion yuan, a year-on-year increase of 10.66%, while the net profit attributable to shareholders was 5.387 billion yuan, up 17.10% year-on-year but down 8.75% quarter-on-quarter [1]. - The decline in self-produced coal sales and the impact of fair value changes significantly influenced the profit figures, with a notable shift from a loss of 1.0716 billion yuan in Q3 2023 to a gain of 188.27 million yuan in Q3 2024 [1][2]. - The coal sales revenue for the first three quarters of 2024 was 121.16 billion yuan, a decrease of 1.47% year-on-year, while the sales cost increased by 2.46% to 79.096 billion yuan, leading to a gross profit of 42.064 billion yuan, down 8.09% year-on-year [2]. Financial Performance Summary - For 2024, the company forecasts net profits of 22.059 billion yuan, 22.646 billion yuan, and 23.087 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.28, 2.34, and 2.38 yuan [2][3]. - The company's revenue for 2024 is projected to be 147.558 billion yuan, reflecting a decline of 13.64% compared to 2023 [3]. - The net profit margin for the company is reported at 21.05%, with a return on equity (ROE) of 34.21% [7][8]. Market Position and Valuation - The company has a total market capitalization of 242.375 billion yuan, with a price-to-earnings (P/E) ratio of 10.99 for 2024 [4][3]. - The company's price-to-book (P/B) ratio is 2.49, and the enterprise value to EBITDA (EV/EBITDA) ratio is projected at 4.26 for 2024 [3][8].