SHCI(601225) 国泰君安·2024-10-30 14:15Investment Rating - The report maintains an "Accumulate" rating for Shaanxi Coal Industry [4][10] - The target price is adjusted to 29.39 CNY, up from the previous 28.16 CNY [4][10] Core Insights - The company's performance met expectations, with Q3 revenue of 406.9 billion CNY, a year-on-year increase of 10.66%, and a net profit attributable to shareholders of 53.87 billion CNY, up 17.1% [3][10] - Q3 coal production was 41.365 million tons, a year-on-year increase of 2.9%, but a quarter-on-quarter decline of 8% due to safety inspections [10] - The company is acquiring power assets from its major shareholder, which is expected to diversify revenue streams and enhance high-quality development [10] Financial Summary - For 2024E, the company is projected to have a revenue of 161.876 billion CNY, a decrease of 5.3% from 2023A [10] - The net profit attributable to shareholders is expected to be 22.091 billion CNY in 2024E, reflecting a 4.0% increase from 2023A [10] - The company reported a net asset value per share of 9.79 CNY and a price-to-book ratio of 2.5 at the current price [6][10] Production and Sales Data - Q3 coal sales reached 64.4 million tons, with self-produced coal sales of 40.61 million tons, both showing year-on-year increases of 2.3% [10] - The average selling price of self-produced coal in Q3 was 510 CNY per ton, down approximately 27 CNY from the previous quarter [10] Investment Income - Investment income increased to 829 million CNY in Q3, up 1.45 billion CNY year-on-year, attributed to the change in accounting for long-term equity investments [10] - The company reported a significant cash flow from operations of 34.7 billion CNY, a year-on-year increase of 6 billion CNY [10]