GUANGHUI ENERGY(SH:600256) ZHONGTAI SECURITIES·2024-11-01 07:42Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1] Core Views - The report highlights that the company's Q3 performance was under pressure due to annual maintenance in non-coal businesses, but the approval of mining rights for the Malang coal mine is expected to lead to sustained high growth in production [1][3] - The report revises down the earnings forecast for 2024-2026, estimating revenues of 390.84 billion, 664.45 billion, and 784.61 billion respectively, with net profits of 31.33 billion, 56.96 billion, and 68.24 billion [3] Summary by Relevant Sections Financial Performance - For 2024, the company is projected to have revenues of 39,084 million, a decrease of 36% year-on-year, and a net profit of 3,133 million, down 39% year-on-year [1] - The earnings per share (EPS) is expected to be 0.48 yuan for 2024, with a P/E ratio of 16.6 [1] Coal Production - The coal production for the first three quarters of 2024 reached 2,404 million tons, an increase of 23.77% year-on-year, with raw coal sales of 2,165 million tons, up 32% year-on-year [1] - The report notes that the Malang coal mine's approval is expected to significantly enhance the coal business's growth potential [3] Chemical Products - The report indicates a significant decline in chemical product output due to annual maintenance, with a year-on-year decrease of 17.33% in Q3 [2][3] - The production of coal chemical products is expected to recover post-maintenance, contributing positively to future earnings [3] Investment Projects - Guanghui Energy plans to invest 16.48 billion in the construction of a coal quality utilization demonstration project, which is expected to generate an average annual profit of 2.184 billion during its operational phase [3]