HYMD(600971) 海通证券·2024-11-08 01:18Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's net profit attributable to shareholders in Q3 2024 was 190 million yuan, showing a year-on-year decline of 64% and a quarter-on-quarter decline of 43%. For the first three quarters, the company achieved revenue and net profit of 5.41 billion yuan and 940 million yuan, respectively, representing a year-on-year decrease of 9.4% and 42.2% [5][6] - The company is participating in a coal exploration rights auction in Shanxi Province, which is expected to secure resource continuity for long-term development. The auction is set to start on November 14, 2024, with a starting price of 10 million yuan [7] - The company is advancing the construction of high-efficiency power generation units and integrating wind and solar energy projects, which is expected to enhance the coal-electricity integration strategy [7] Financial Summary - The company's revenue for 2023 is projected at 7.786 billion yuan, with a year-on-year decrease of 7.2%. The net profit for 2023 is estimated at 2.036 billion yuan, reflecting a year-on-year decline of 19.4% [9][12] - The average selling price of coal for Q3 2024 was 785 yuan per ton, down 5% year-on-year and 12.1% quarter-on-quarter. The unit production cost for Q3 2024 was 603 yuan per ton, up 47.5% year-on-year [6][9] - The company forecasts net profits of 1.217 billion yuan, 1.303 billion yuan, and 1.430 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.01, 1.09, and 1.21 yuan [8][12] Market Performance - The company's stock price closed at 9.85 yuan on November 7, 2024, with a 52-week price range of 8.39 to 14.35 yuan [1] - The company's performance relative to the market index shows a decline of 11.1% over the past month, with a relative performance of -14.3% [2][3]