WTECL(600157) KAIYUAN SECURITIES·2024-10-30 08:31Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The report emphasizes the coal-electricity complementary model that mitigates coal price fluctuations and highlights the growth potential of the Haizetang coal mine [2][3] - The company reported a revenue of 22.38 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.8%, while the net profit attributable to shareholders decreased by 9.9% to 1.46 billion yuan [2] - The report anticipates a decline in profit forecasts for 2024-2026 due to pressure on coal prices, projecting net profits of 2.01 billion yuan in 2024, 2.20 billion yuan in 2025, and 3.09 billion yuan in 2026 [2][3] Financial Summary - For Q3 2024, the company achieved a revenue of 7.86 billion yuan, a quarter-on-quarter increase of 9.3%, but the net profit attributable to shareholders fell by 62.0% to 270 million yuan [2] - The coal business saw an increase in production and sales, with raw coal production/sales of 9.93 million tons, up 4.0% year-on-year, but the average selling price of coal decreased by 15.4% to 587.2 yuan/ton [2][3] - The electricity business reported a revenue of 13.9 billion yuan for the first three quarters, a year-on-year increase of 11.2%, with a significant growth in power generation [2][3] Growth Drivers - The company is focusing on enhancing its electricity generation capacity and optimizing its operational strategies to increase profitability [2] - The ongoing construction of the Haizetang coal mine is expected to significantly boost production and profitability starting in 2027, with an anticipated output of 1 million tons in that year [2][3] - The complementary operation of coal and electricity is designed to stabilize revenue and mitigate the impact of coal price volatility [2]