GUANGHUI ENERGY(SH:600256) KAIYUAN SECURITIES·2024-10-31 14:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company achieved a revenue of 26.39 billion yuan in the first three quarters of 2024, a year-on-year decrease of 46.8% [3] - The net profit attributable to shareholders for the same period was 2 billion yuan, down 58.7% year-on-year [3] - The report anticipates a recovery in net profit in 2025 and 2026, projecting 6.53 billion yuan and 7.10 billion yuan respectively, with a year-on-year growth of 48.3% and 8.6% [3] - The company is expected to maintain a high dividend of 0.7 yuan per share for 2024, resulting in a dividend yield of 8.8% based on the closing price on October 30 [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 9.14 billion yuan, a quarter-on-quarter increase of 26.9% [3] - The net profit for Q3 was 550 million yuan, a quarter-on-quarter decrease of 15.5% [3] - The company adjusted its profit forecasts for 2024-2026, now expecting net profits of 4.40 billion yuan, 6.53 billion yuan, and 7.10 billion yuan respectively [3][4] Coal Production and Sales - The company’s coal production and sales volume for the first three quarters of 2024 reached 21.65 million tons and 25.51 million tons, representing year-on-year increases of 32.8% and 36.1% respectively [3] - In Q3, the coal production and sales volume were 11.89 million tons and 12.12 million tons, with significant quarter-on-quarter increases of 206.7% and 117.3% [3] Natural Gas and Chemical Products - The natural gas production and sales volume for the first three quarters of 2024 were 48.51 million cubic meters and 320.70 million cubic meters, with a year-on-year increase of 8.9% and a decrease of 50.6% respectively [3] - The report noted a decline in chemical product sales, particularly in methanol and ethylene glycol, with Q3 sales down 35.8% and 37.7% quarter-on-quarter [3] Dividend and Share Buyback - The company has committed to a high dividend policy, promising a dividend of 0.7 yuan per share for 2022-2024 [3] - The company has initiated a share buyback program, repurchasing 16.94 million shares for a total of 100 million yuan, which is expected to enhance market confidence [3] Market Position and Outlook - The report emphasizes the company's strong market position as a private enterprise with diversified resources in coal, oil, and gas [3] - The anticipated recovery in profitability and the commitment to high dividends are expected to attract investor interest [3]