pingmei coal(601666) 长江证券·2024-11-18 07:25Investment Rating - The report maintains a "Buy" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [10] Core Views - The company reported a net profit attributable to shareholders of 2.045 billion yuan for the first three quarters of 2024, a decrease of 1.097 billion yuan (-34.9% YoY, adjusted) [5][6] - The company has initiated a share repurchase plan, marking the beginning of a "buyback and re-loan" strategy in the coal industry [5][8] - The scarcity of high-quality coking coal resources is expected to keep prices at a high level in the long term, with the company ranking among the top in the nation for the proportion of high-quality coking coal in its output [5][8] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 0.652 billion yuan, which is stable quarter-on-quarter but down 0.252 billion yuan (-27.9% YoY, adjusted) [5][6] - The total raw coal production for the first three quarters reached 21.06 million tons, a decrease of 1.99 million tons (-8.6% YoY) [5] - The average selling price of coal for Q3 was 918 yuan/ton, a year-on-year increase of 48 yuan/ton (+5.6%) but a quarter-on-quarter decrease of 99 yuan/ton (-9.7%) [6] Cost and Profitability - The cost per ton of coal for Q3 was 608 yuan, a year-on-year increase of 32 yuan/ton (+5.5%) but a quarter-on-quarter decrease of 98 yuan/ton (-13.8%) [6] - The gross profit from coal sales for Q3 was 2.04 billion yuan, down 180 million yuan (-8.0% YoY) [7] - The company’s total expenses for Q3 were 0.91 billion yuan, with a stable overall expense ratio of 12.9% [7] Share Repurchase Plan - The company announced a share repurchase plan on October 31, 2024, intending to buy back shares at a price not exceeding 14.36 yuan/share, with a total repurchase amount between 500 million to 1 billion yuan [8] - This plan is aimed at implementing equity incentives, employee stock ownership plans, or cancellation of shares [8] Future Outlook - The company expects its performance for 2024 to be 2.55 billion yuan, 2.68 billion yuan for 2025, and 2.79 billion yuan for 2026, with corresponding PE ratios of 9.8x, 9.3x, and 8.9x [8] - The projected dividend yield for 2023-2025 is 6.1%, 6.4%, and 6.7% respectively, indicating a strong return for investors [8]