MJNY(SZ:000723) KAIYUAN SECURITIES·2024-10-30 06:40Investment Rating - Investment rating is maintained at "Outperform" [2] Core Views - The company reported a revenue of 14.37 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of -650 million yuan, a year-on-year decrease of 261.3% [3][4] - In Q3 2024, the company achieved a revenue of 5.56 billion yuan, a quarter-on-quarter increase of 20.2%, and a net profit attributable to shareholders of 30 million yuan, a quarter-on-quarter increase of 108.7% [3] - The report indicates an improvement in the company's profitability in Q3, attributed to a reduction in losses from the coking business [3] - The hydrogen energy sector is progressing steadily, with the company leading the industry in the number of fuel cell vehicles insured [3][4] Financial Summary - For 2024, the company is expected to have a net profit attributable to shareholders of -600 million yuan, with forecasts for 2025 and 2026 at 510 million yuan and 670 million yuan respectively [3][4] - The earnings per share (EPS) for 2024 is projected at -0.14 yuan, with 2025 and 2026 expected at 0.12 yuan and 0.15 yuan respectively [3][4] - The company's total revenue is forecasted to decline to 17.37 billion yuan in 2024, followed by an increase to 22.01 billion yuan in 2025 and 23.82 billion yuan in 2026 [4][5] Market Conditions - The average price of metallurgical coke in Tianjin Port for the first nine months of 2024 was 2032.5 yuan/ton, a year-on-year decrease of 14.2% [3] - The average price of premium coking coal was 2126.1 yuan/ton, a year-on-year decrease of 2.9%, leading to a significant negative "coke-coal price difference" [3] - The report highlights that the domestic "incremental policy package" is expected to improve profitability in the coal-coke-steel industry chain [3]