pingmei coal(601666) 民生证券·2024-10-31 06:40Investment Rating - The report maintains a "Recommended" rating for Pingmei Shenma Energy Company (601666.SH) [2][4]. Core Views - The company plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, enhancing investor confidence [2]. - The repurchased shares will be used for employee stock ownership plans, with an estimated repurchase quantity of approximately 34.82 million to 69.64 million shares, accounting for 1.41% to 2.81% of the total share capital [2]. - Major shareholders and management have shown confidence in the company's future by increasing their holdings, with a plan to invest between 300 million and 600 million yuan in the company's A-shares [2]. - The company is expected to expand its coking coal production capacity, with ongoing projects that will enhance its competitive position [2]. - The company has a robust dividend policy, planning to distribute at least 60% of its distributable profits as cash dividends, with a projected dividend yield of 5.7% for 2024 [2]. - The forecasted net profit for 2024 is 2.321 billion yuan, with earnings per share (EPS) of 0.94 yuan, corresponding to a price-to-earnings (PE) ratio of 11 times [2][3]. Financial Summary - The company's total revenue is projected to be 31.647 billion yuan in 2024, with a slight growth rate of 0.27% [5]. - The net profit attributable to shareholders is expected to decline to 2.321 billion yuan in 2024, reflecting a decrease of 42% [5]. - The company’s earnings per share (EPS) is forecasted to be 0.94 yuan in 2024, with a PE ratio of 11 [3][5]. - The dividend per share is expected to be 0.57 yuan, with a dividend yield of 5.74% in 2024 [6].