SHCI(SH:601225) Guotou Securities·2024-11-01 02:20Investment Rating - The investment rating for the company is "Buy-A" [2][3]. Core Views - The company reported a slight decline in profitability for the third quarter due to a decrease in production and sales, with a revenue of 1254.27 billion yuan, down 1.57% year-on-year, and a net profit of 159.43 billion yuan, down 1.46% year-on-year [2]. - The company aims to increase its total installed capacity to 55.07 million kilowatts by the end of the 14th Five-Year Plan, with a focus on coal power and renewable energy [1]. - The company has a strong coal resource position in Shaanxi, with competitive coal costs, and expects to achieve revenues of 1587.91 billion yuan, 1591.74 billion yuan, and 1613.99 billion yuan from 2024 to 2026, with net profits of 219.31 billion yuan, 224.44 billion yuan, and 236.37 billion yuan respectively [3][4]. Financial Performance - In Q3 2024, the company achieved a revenue of 406.90 billion yuan, an increase of 10.66% year-on-year, while the net profit was 53.87 billion yuan, up 17.10% year-on-year [2]. - The coal production for Q3 2024 was 1277 million tons, a year-on-year increase of 2.82%, while coal sales reached 19595 million tons, up 5.09% year-on-year [2]. - The average selling price of coal was 618 yuan per ton, down 6.24% year-on-year, with a gross profit of 215 yuan per ton, down 12.55% year-on-year [2]. Future Outlook - The company plans to acquire power assets from its parent group to enhance its "coal-electricity integration" strategy, which is expected to reduce related transactions and increase revenue [2][3]. - The controlling shareholder has increased its stake to 65.25%, reflecting confidence in the company's long-term investment value [2]. - The company maintains a high dividend policy, which supports its long-term investment attractiveness [3].