Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved revenue of 16.835 billion yuan in Q1-Q3 2024, a year-on-year increase of 18.60%, and net profit attributable to the parent company of 2.497 billion yuan, a year-on-year increase of 13.77% [1] - The company's power generation volume in Q3 2024 increased significantly, with a year-on-year growth of 35.29% [2] - The company optimized its coal procurement and sales structure, with external sales of self-produced coal reaching 5.6685 million tons, a year-on-year increase of 46.15% [3] - The company has a rich reserve of projects, with approved coal power installed capacity of 17.25 million kilowatts and in-service installed capacity of 11.23 million kilowatts [4] - The company is expected to achieve net profit attributable to the parent company of 3.000 billion yuan, 3.231 billion yuan, and 3.529 billion yuan in 2024-2026, with year-on-year growth rates of 17.40%, 7.68%, and 9.22%, respectively [5] Financial Performance - The company's revenue in 2024E is expected to be 22.27093 billion yuan, with a growth rate of 14.49% [5] - The company's EBITDA in 2024E is expected to be 9.06505 billion yuan [5] - The company's EPS in 2024E is expected to be 0.80 yuan per share [5] - The company's P/E ratio in 2024E is expected to be 12.12 times [5] Industry and Market Position - The company operates in the utilities/power industry [6] - The company has a total market capitalization of 36.375 billion yuan and a circulating market capitalization of 10.185 billion yuan [6] - The company's coal power integration and pithead power station installed capacity account for 61.57% of the total approved installed capacity [2] Future Growth Prospects - The company is advancing projects such as the second phase of Yan'an Thermal Power and the second phase of Shangluo Power Plant [4] - The company has acquired a 51% stake in Xinfeng Energy and plans to start construction on the second phase of Xinfeng Power Plant in the second half of 2024 [4] - The company is seeking approval for the Zhangba Coal Mine and has won the mining rights for the Qianyangshan Coal Mine in Gansu Province, achieving a new breakthrough in cross-provincial coal resource layout [4]
陕西能源：Q3发电量高增，煤炭采销结构调整