GUANGHUI ENERGY(600256) 申万宏源·2024-12-03 12:29Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the upcoming quarters [6]. Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 26.39 billion yuan, down 46.76% year-on-year, and net profit at 2.00 billion yuan, down 58.72% year-on-year [6][7]. - The Marang coal mine has received approval from the National Development and Reform Commission, leading to a substantial increase in raw coal production and sales [7]. - The company has committed to a minimum dividend of 0.70 yuan per share, resulting in a current dividend yield of approximately 9.7% [7]. - The company anticipates further increases in coal production and sales in 2025 due to the Marang mine's production capacity and additional resources in the eastern mining area [8]. Summary by Sections Market Data - Closing price as of December 2, 2024, is 7.21 yuan, with a one-year high/low of 8.65/5.66 yuan [3]. - The company has a market capitalization of 47.34 billion yuan and a price-to-book ratio of 1.8 [3]. Financial Performance - For Q3 2024, the company achieved revenue of 9.14 billion yuan, a decrease of 36.87% year-on-year, but a quarter-on-quarter increase of 26.85% [6]. - The total revenue for 2024 is projected to be 66.69 billion yuan, with a year-on-year growth rate of 8.5% expected in 2025 [10]. Production and Sales - In the first three quarters of 2024, the company produced 21.65 million tons of raw coal, a year-on-year increase of 32.8%, and sold 25.50 million tons, up 36.07% year-on-year [7]. - The Q3 production reached 11.89 million tons, marking a 168.67% increase year-on-year and a 207% increase from Q2 [7]. Dividend Policy - The company has a strong commitment to dividends, with an actual payout of 87.9% in 2023 and a guaranteed minimum dividend of 0.70 yuan per share for 2022-2024 [7]. Future Outlook - The report projects a significant increase in coal production and sales in 2025, with an estimated contribution of 20 million tons from the Marang mine [8]. - The earnings forecast for 2024-2026 has been adjusted to 3.995 billion yuan, 5.112 billion yuan, and 5.451 billion yuan, respectively [8].