GANSU EC(000552) 开源证券·2024-10-31 14:57Investment Rating - The investment rating for Gansu Energy Chemical (000552.SZ) is maintained as "Buy" [1] Core Views - The report indicates that the decline in coal prices may negatively impact Q3 performance, but emphasizes the growth potential in coal, electricity, and chemical sectors [2][3] - The company reported a revenue of 7.8 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.4%, and a net profit attributable to shareholders of 1.03 billion yuan, down 33.9% year-on-year [2] - The report forecasts a decrease in net profit for 2024 to 1.44 billion yuan, a decline of 17.3% year-on-year, with expected earnings per share (EPS) of 0.27 yuan [2][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.18 billion yuan, a quarter-on-quarter decrease of 22.3%, and a net profit of 130 million yuan, down 62.7% quarter-on-quarter [2] - The average coal price for the first three quarters of 2024 was 715 yuan/ton, a decrease of 10.6% year-on-year, with Q3 averaging 680 yuan/ton, down 3.8% quarter-on-quarter [2] Business Segments - Coal Business: The company operates 8 coal mines with an annual capacity of 16.24 million tons, primarily selling thermal and coking coal [2] - Non-Coal Business: The company has an installed power capacity of 809 MW, with expectations of improved profitability in the electricity segment due to falling coal prices [2] Growth Prospects - The company has three coal mines under construction with a total capacity of 6.9 million tons, and two power plants under construction with a total capacity of 2020 MW, expected to be operational by 2025 and 2027 [2] - The company aims to increase coal production capacity to 23.14 million tons and chemical product capacity to 1.4 million tons by the end of the 14th Five-Year Plan [2][3]