SHCI(601225) Tebon Securities·2024-11-01 02:35Investment Rating - The investment rating for Shaanxi Coal Industry (601225.SH) is "Buy" (maintained) [1] Core Views - The report highlights that Shaanxi Coal Industry maintains stable profitability and has promising growth prospects in the coal and electricity sectors [1][6] - The company reported a revenue of 125.43 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.57%, and a net profit attributable to shareholders of 15.94 billion yuan, also down 1.46% year-on-year [4][5] - The report emphasizes the company's strategic acquisition of Shaanxi Coal Power Group, which is expected to enhance revenue and reduce related party transactions [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 40.69 billion yuan, a year-on-year increase of 10.7%, but a quarter-on-quarter decrease of 8.1% [4] - The net profit for Q3 2024 was 5.39 billion yuan, up 17.1% year-on-year but down 8.8% quarter-on-quarter [4] - The company’s coal production for the first three quarters was 127.77 million tons, an increase of 2.8% year-on-year, while coal sales reached 195.95 million tons, up 5.1% year-on-year [5] Cost and Pricing Analysis - The average selling price of the company's coal for the first three quarters was 618.32 yuan per ton, a decrease of 6.24% year-on-year, while the comprehensive cost was 403.65 yuan per ton, down 2.51% year-on-year [5] - In Q3 2024, the average selling price increased to 706.9 yuan per ton, reflecting a year-on-year increase of 3.33% [5] Future Earnings Forecast - The report projects revenues for 2024, 2025, and 2026 to be 172.3 billion yuan, 174.4 billion yuan, and 178.5 billion yuan respectively, with net profits expected to reach 21.4 billion yuan, 22.2 billion yuan, and 23.2 billion yuan [6][9] - The price-to-earnings (P/E) ratios for the same years are forecasted to be 11.22, 10.78, and 10.33 respectively [6][9]