SHCI(601225) EBSCN·2024-10-30 09:19Investment Rating - The report maintains a rating of "Accumulate" for the company [2]. Core Views - The company's Q3 performance met expectations, with a focus on coal-electricity integrated operations [1]. - For Q1-Q3 2024, the company achieved operating revenue of 125.43 billion yuan, a year-on-year decrease of 1.6%, and a net profit attributable to shareholders of 15.94 billion yuan, down 1.5% year-on-year [2]. - In Q3 2024, the company reported operating revenue of 40.69 billion yuan, a quarter-on-quarter decrease of 8.1% but a year-on-year increase of 10.7%, with a net profit of 5.39 billion yuan, reflecting a year-on-year increase of 17.1% [2]. - The average selling price of coal showed a narrowing decline, with a year-on-year decrease of 6.2% for the first three quarters of 2024 [2]. - The controlling shareholder's increase in holdings demonstrates confidence in the company's future, particularly with the potential for coal-electricity integration [2]. Summary by Relevant Sections Financial Performance - For Q1-Q3 2024, the company achieved a return on invested capital (ROIC) of 19%, ranking first among listed coal companies [3]. - The projected net profit for 2024-2026 is 20.7 billion yuan, 21 billion yuan, and 21.5 billion yuan respectively, with corresponding earnings per share (EPS) of 2.14 yuan, 2.17 yuan, and 2.22 yuan [3]. Revenue and Profitability - The company’s revenue for 2024 is projected to be 154.33 billion yuan, with a revenue growth rate of -9.68% [4]. - The net profit for 2024 is forecasted at 20.7 billion yuan, reflecting a decline of 2.54% year-on-year [4]. Market Position - The company is recognized as a leading coal enterprise with strong resource endowment, stable operations, and significant cost advantages [3].