hbky(600985) 民生证券·2024-10-30 06:42Investment Rating - The report maintains a "Recommended" rating for Huabei Mining (600985.SH) with a current price of 15.42 CNY [4]. Core Views - The company reported a revenue of 56.669 billion CNY for the first three quarters of 2024, a year-on-year increase of 2.04%, while the net profit attributable to shareholders decreased by 18.17% to 4.139 billion CNY [1]. - In Q3 2024, the company achieved a revenue of 19.433 billion CNY, a year-on-year increase of 6.55%, but a quarter-on-quarter decrease of 2.41% [1]. - The report highlights that the coal production and sales volumes have decreased, with the average selling price of coal also declining [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company produced 15.6704 million tons of coal, a decrease of 6.4% year-on-year, and sold 11.8783 million tons, down 13.9% year-on-year [1]. - The average selling price of coal was 1,114.7 CNY per ton, down 7.0% year-on-year, while the cost per ton was 557.1 CNY, down 10.8% year-on-year [1]. - The gross profit margin for the coal business was 50.0%, an increase of 2.1 percentage points year-on-year [1]. Business Segments - In Q3 2024, the company’s coke production was 0.9544 million tons, with a year-on-year decrease of 4.4% and a quarter-on-quarter increase of 16.1% [2]. - Ethanol production saw a significant increase, with production rising by 96.0% and sales increasing by 130.8% in Q3 2024 [2]. - The report notes that ongoing projects, particularly in ethanol production, are expected to become new profit growth points [2]. Future Outlook - The company’s net profit forecasts for 2024, 2025, and 2026 are 4.660 billion CNY, 4.632 billion CNY, and 5.728 billion CNY, respectively, with corresponding EPS of 1.73 CNY, 1.72 CNY, and 2.13 CNY [3][5]. - The report anticipates a PE ratio of 9 for 2024, indicating a favorable valuation compared to historical performance [3][5].