SHCI(601225)2024-10-31 09:20Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and Chemical Industry Co., Ltd. [5][6] Core Insights - The company reported a revenue of 125.43 billion yuan for the first three quarters of 2024, a year-on-year decline of 1.6%, with a net profit attributable to shareholders of 15.94 billion yuan, down 1.5% year-on-year, indicating resilience in performance [5][6] - Coal sales volume increased by 5.09% year-on-year to 195.95 million tons, while coal production rose by 2.82% year-on-year to 127.77 million tons, contributing to performance stability despite fluctuations in coal prices [5][6] - The company plans to acquire the power assets of its controlling shareholder to transition towards a "coal-electricity integration" model, which is expected to enhance performance stability [6] - The projected net profits for 2024-2026 are estimated at 21.33 billion, 24.15 billion, and 24.98 billion yuan respectively, with corresponding PE ratios of 11X, 10X, and 10X [6][7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 172.43 billion yuan, with a year-on-year growth rate of 0.9% [7] - The net profit for 2024 is expected to be 21.33 billion yuan, reflecting a slight increase of 0.4% year-on-year [7] - The earnings per share for 2024 is forecasted to be 2.20 yuan, with a gross margin of 40.2% [7][9]