GUANGHUI ENERGY(600256) Guoxin Securities·2024-10-31 01:15Investment Rating - The investment rating for the company is "Outperform the Market" [1][16][17] Core Views - The company reported a significant year-on-year increase in coal sales by 91%, despite a 37% decline in revenue due to falling coal prices [1][4] - The company achieved a revenue of 26.39 billion yuan in the first three quarters of 2024, down 46.76% year-on-year, with a net profit attributable to shareholders of 2.002 billion yuan, down 58.72% year-on-year [1][4] - The company is the only private enterprise in China with coal, natural gas, and oil resources, with a significant production capacity located in Xinjiang and Central Asia [1][8] Financial Performance - In Q3 2024, the company reported a revenue of 9.142 billion yuan, a decrease of 36.87% year-on-year but an increase of 26.85% quarter-on-quarter [1][4] - The gross margin and net margin for the first three quarters of 2024 were 17.95% and 7.25%, respectively, with a year-on-year change of +1.10 and -2.29 percentage points [1][4] - The company’s coal production reached 11.8863 million tons in Q3 2024, a year-on-year increase of 168.67%, and total coal sales were 12.8963 million tons, up 91.05% year-on-year [1][8] Future Outlook - The company is expected to see an increase in revenue and profit in Q4 2024 due to the upcoming winter heating season and increased coal production and sales [1][8] - The company plans to invest in a 15 million tons per year coal quality utilization demonstration project, with an estimated investment of 16.48 billion yuan and an expected annual after-tax profit of 1.64 billion yuan [12][16] - The company has entered into a strategic partnership with Xinjiang Shun'an Energy to accelerate the development of the eastern mining area [15][16]