lu'an EED(601699) 海通证券·2024-11-13 00:40Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company's revenue and net profit for the first three quarters of 2024 showed significant declines, with a year-on-year decrease of 19.3% in revenue and 61.5% in net profit [5] - The company has successfully acquired coal exploration rights in Shanxi province, which is expected to enhance its resource reserves and support sustainable development [7] - The forecast for net profit from 2024 to 2026 indicates a gradual recovery, with expected figures of 36.7 billion, 49.6 billion, and 53.7 billion respectively [8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 26.65 billion and net profit of 2.8 billion, reflecting a year-on-year decline of 19.3% and 61.5% respectively [5] - The third quarter alone saw a net profit of 570 million, down 71% year-on-year and 39% quarter-on-quarter [5] Operational Data - The company's coal production and sales in the third quarter increased by 3% and 6% respectively, while the average selling price decreased by 14.3% year-on-year [6] - The total coal production for the first three quarters was 42.47 million tons, a decrease of 4.8% year-on-year, with a total sales volume of 38.07 million tons, down 5.8% [6] Cost and Profitability - The comprehensive unit cost for the first three quarters was 376 yuan per ton, up 9.6% year-on-year, while the gross profit margin decreased to 43.2%, down 11.3 percentage points [6] - The gross profit from coal operations for the first three quarters was 10.89 billion, a decline of 34.6% year-on-year [6] Future Outlook - The company is expected to face continued pressure on performance in 2024 due to reduced production and increased costs, but improvements are anticipated in 2025 and 2026 [8] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23, 1.66, and 1.80 yuan respectively [8]