SHCI(601225) 申万宏源·2024-12-03 02:46Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal Industry [6][7] Core Views - In November, Shaanxi Coal Industry's coal production increased by 11.3% year-on-year, reaching 14.0623 million tons, exceeding expectations [6][7] - The company's total coal production from January to November was 151.4107 million tons, a year-on-year increase of 2.76%, while self-produced coal sales reached 153.8286 million tons, up 2.72% year-on-year. December is expected to see continued growth due to seasonal demand and high coal consumption in the coal chemical industry [6][7] - The company plans to acquire the power assets of its controlling shareholder to transition to a "coal-electricity integration" model, which is expected to enhance the stability of its performance [7] - The report slightly raises the forecast for the company's net profit attributable to shareholders for 2024-2026 to 214.93 billion, 243.11 billion, and 251.54 billion respectively, reflecting an optimistic outlook [7] Financial Summary - The total revenue for 2023 is projected at 170.872 billion, with a slight increase to 173.305 billion in 2024. The net profit attributable to shareholders is expected to be 21.239 billion in 2023 and 21.493 billion in 2024 [9][13] - The company's earnings per share (EPS) is forecasted to be 2.19 in 2023 and 2.22 in 2024, with a gross margin of 37.9% in 2023 and expected to rise to 40.3% in 2024 [9][13]