GUANGHUI ENERGY(600256) 长城证券·2024-11-03 12:55Investment Rating - The report maintains a "Buy" rating for Guanghui Energy, expecting significant growth potential in its main business areas [1][4][15]. Core Views - The report highlights that Guanghui Energy has substantial coal resources with considerable capacity release potential, steady development in its natural gas business, and strong cost advantages in its coal chemical sector [4]. - The company is projected to achieve revenues of 50.443 billion yuan, 65.434 billion yuan, and 76.391 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 4.251 billion yuan, 6.386 billion yuan, and 7.714 billion yuan during the same period [4][8]. Financial Performance Summary - Revenue: The company's revenue for 2022 was 59.409 billion yuan, with a slight increase to 61.475 billion yuan in 2023, but a projected decrease to 50.443 billion yuan in 2024 [1][9]. - Net Profit: The net profit for 2022 was 11.337 billion yuan, which dropped to 5.173 billion yuan in 2023, with an expected further decline to 4.251 billion yuan in 2024 [1][9]. - EPS: The earnings per share (EPS) were 1.73 yuan in 2022, reduced to 0.79 yuan in 2023, and projected to be 0.65 yuan in 2024 [1][10]. Business Segment Performance - Coal Business: The report indicates a significant increase in coal production and sales, with third-quarter production reaching 11.89 million tons, a 206.74% increase quarter-on-quarter and a 168.67% increase year-on-year [1][2]. - Natural Gas Business: The natural gas production was affected by maintenance in the coal chemical facilities, with a production of 1.19 billion cubic meters in the third quarter, a decrease of 33.51% quarter-on-quarter [1][2]. - Coal Chemical Business: The report notes a decline in the production of key products such as methanol and ethylene glycol, with methanol production at 18.64 thousand tons, down 35.79% quarter-on-quarter [2][3]. Future Outlook - The report anticipates a recovery in production and sales in the fourth quarter, particularly in the natural gas segment, as maintenance impacts are expected to ease [1][4]. - The company is also progressing on various projects, including the Marang coal mine and the Zaisang oil and gas field, which are expected to contribute positively to future performance [3][4].