WTECL(SH:600157) Shanxi Securities·2024-11-07 05:45Investment Rating - The investment rating for Yongtai Energy is "Accumulate-A" [4] Core Views - The company has shown a steady increase in electricity generation and sales, with a year-on-year increase of 11.27% in power generation and 11.35% in on-grid electricity [1] - The coal business has experienced a decrease in gross profit, but the electricity segment has compensated for this with an increase in gross profit [1][3] - The company is progressing with capacity expansion and resource acquisition projects, including the planned production of 3 million tons of coal from the Haizetang coal mine by June 2026 [1][4] Financial Performance Summary - For the first nine months of 2024, the company achieved total revenue of 22.375 billion yuan, a year-on-year increase of 1.80%, and a net profit attributable to shareholders of 1.464 billion yuan, a decrease of 9.85% [2] - The basic earnings per share (EPS) for the same period was 0.0660 yuan, down 9.71% year-on-year [2] - The average selling price of coal decreased by 17.64% to 716.74 yuan per ton, while the cost per ton was 350.08 yuan, resulting in a gross profit margin of 51.16% [3] Future Projections - The company expects EPS to be 0.09, 0.11, and 0.14 yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16.9, 14.0, and 11.0 [4] - The company maintains a development strategy focused on coal and electricity, with an emphasis on energy storage as a growth area [4]