SHCI(601225) Guohai Securities·2024-10-31 06:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's revenue for the first three quarters of 2024 was CNY 125.43 billion, a year-on-year decrease of 1.57%, while the net profit attributable to shareholders was CNY 15.94 billion, down 1.46% year-on-year [3] - In Q3 2024, the company achieved revenue of CNY 40.69 billion, a quarter-on-quarter decrease of 8.12% but a year-on-year increase of 10.66% [3] - The company's coal production for the first three quarters was 127.77 million tons, an increase of 2.82% year-on-year, and coal sales were 195.95 million tons, up 5.09% year-on-year [3] - The average selling price of coal for the first three quarters was CNY 618 per ton, a decrease of CNY 41 per ton (-6.2%) year-on-year [3] Summary by Sections Financial Performance - The company reported a net profit of CNY 5.39 billion in Q3 2024, down 8.75% quarter-on-quarter but up 17.10% year-on-year [3] - The net profit after deducting non-recurring items was CNY 5.17 billion in Q3 2024, a decrease of 11.36% quarter-on-quarter and a decrease of 3.69% year-on-year [3] - The company's financial asset fair value changes contributed CNY 2.4 billion to performance [4] Market Data - The company's stock price is currently CNY 24.72, with a market capitalization of CNY 239.66 billion [1][3] - The stock has a 52-week price range of CNY 17.38 to CNY 29.87 [3] Earnings Forecast - The company is expected to achieve revenues of CNY 159.8 billion, CNY 164.9 billion, and CNY 170.2 billion for 2024, 2025, and 2026 respectively, with net profits of CNY 21.165 billion, CNY 22.651 billion, and CNY 24.079 billion [4][6]