lu'an EED(601699) 开源证券·2024-10-31 14:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is under pressure due to falling coal prices, with a focus on growth potential and the elasticity of coking coal [2] - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 26.65 billion yuan, down 19.28% year-on-year, and a net profit of 2.8 billion yuan, down 61.51% year-on-year [2] - The report emphasizes the company's status as the only national high-tech enterprise in the coal industry, maintaining a high dividend payout ratio and having growth potential in production capacity [2] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 26.65 billion yuan, a net profit of 2.8 billion yuan, and a net profit margin of 9.3% [3] - The company's coal production for the first three quarters was 42.47 million tons, a decrease of 4.82% year-on-year, while the sales volume was 38.07 million tons, down 5.79% year-on-year [2] - The average selling price of the company's coal decreased to 662.2 yuan/ton, down 12.32% year-on-year [2] Production Capacity and Market Position - The company has ongoing projects that are expected to contribute to production capacity growth, including the newly operational coal mine and several in construction with a total capacity of 3 million tons per year [2] - The company won a coal exploration right in Shanxi province for 12.126 billion yuan, which is expected to add 81.9575 million tons of coal resources [2] - The report notes that the company's long-term coal contracts are limited, allowing for higher profit elasticity in response to market conditions [2] Dividend Policy - The company plans to distribute a cash dividend of 15.89 yuan per 10 shares for 2023, totaling 4.753 billion yuan, with a dividend payout ratio of 60% [2] - The expected dividend yield based on the current market capitalization is 4.7%, indicating strong investment value [2]