SHCI(601225) Minsheng Securities·2024-10-30 06:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong long-term investment value due to its industry-leading resource endowment and significant cost advantages [3][5]. Core Views - The company reported a net profit of 15.943 billion yuan for the first three quarters of 2024, a decrease of 1.46% year-on-year, while the operating revenue was 125.427 billion yuan, down 1.57% year-on-year [3]. - In Q3 2024, the net profit attributable to shareholders was 5.387 billion yuan, representing a year-on-year increase of 17.1% but a quarter-on-quarter decrease of 8.75% [3]. - The company is pursuing a strategic acquisition of power assets from its controlling shareholder to establish a coal-electricity integrated operation model [3]. Financial Performance Summary - For the first three quarters of 2024, coal production reached 127.7739 million tons, an increase of 2.82% year-on-year, while coal sales were 195.9488 million tons, up 5.09% year-on-year [3]. - The average selling price of coal was 618.32 yuan per ton, down 6.24% year-on-year, and the cost per ton was 403.65 yuan, a decrease of 2.51% year-on-year [3]. - The company’s gross profit from coal business was 42.064 billion yuan, down 8.09% year-on-year [3]. Future Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 21.352 billion yuan, 22.963 billion yuan, and 23.931 billion yuan, respectively, with corresponding EPS of 2.20 yuan, 2.37 yuan, and 2.47 yuan per share [3][6]. - The price-to-earnings (PE) ratios for the years 2024, 2025, and 2026 are expected to be 11, 11, and 10 times, respectively, based on the closing price on October 29, 2024 [3][6].