内蒙华电：公司业绩低于预期，当前股息率约6%

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in Q3 2024 was below expectations, with a revenue of 5.81 billion yuan, a year-on-year decline of 1.22%, and a net profit attributable to shareholders of 702 million yuan, a year-on-year increase of 0.19% [3] - The decline in investment income led to lower profit growth; excluding this impact, net profit growth was 7.5% [3] - The company achieved a coal production of 3.727 million tons in Q3, a year-on-year increase of 17.8%, while the electricity generation from thermal power decreased by 5% [4] - The company maintains a commitment to a dividend payout ratio of 70%, with a projected dividend yield of 5.6% for 2024 [5] Summary by Sections Financial Performance - In Q3 2024, the company reported an operating income of 5.81 billion yuan, a decrease of 1.22% year-on-year, and a net profit of 702 million yuan, which is a slight increase of 0.19% year-on-year [3] - The investment income for Q3 was 56 million yuan, down by 63 million yuan year-on-year, primarily due to reduced dividend income from associated companies [3] - The company's coal production increased to 3.727 million tons in Q3, with external sales of 1.709 million tons, a year-on-year increase of 10.9% [4] Market Performance - The average on-grid electricity price for the first three quarters was 0.3348 yuan per kilowatt-hour, a decrease of 1.2 cents year-on-year [4] - The company’s coal sales price averaged 413.3 yuan per ton, an increase of 12.38 yuan per ton year-on-year, which is higher than the first half of the year [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 2.476 billion yuan, 2.812 billion yuan, and 3.008 billion yuan, with year-on-year growth rates of 23.5%, 13.5%, and 7.0% respectively [5] - The current stock price corresponds to a P/E ratio of 12, 10, and 10 times for the years 2024, 2025, and 2026 respectively [5]