WTECL(600157) 民生证券·2024-12-17 11:06Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3]. Core Views - The company has raised the upper limit of its share repurchase price from 1.89 CNY to 2.62 CNY, reflecting its commitment to returning value to investors [1]. - The company has repurchased 204 million shares, accounting for 0.92% of its total share capital, with a total expenditure of 229 million CNY [1]. - The Haizetang coal mine is expected to start production in June 2026, with an estimated annual coal output of 3 million tons in 2026 and 10 million tons in 2027, potentially adding approximately 9 billion CNY in revenue and 4.4 billion CNY in net profit annually [1]. - The company has secured a 500 million CNY syndicated loan, indicating a recovery in its financing capabilities and support for its long-term development [1]. - The projected net profit for 2024-2026 is estimated at 1.76 billion CNY, 1.95 billion CNY, and 2.30 billion CNY, respectively, with corresponding EPS of 0.08 CNY, 0.09 CNY, and 0.10 CNY [1][2]. Financial Summary - The company's total revenue for 2023 is projected at 30.12 billion CNY, with a decline of 15.3% year-on-year, followed by a slight decrease of 2.3% in 2024 [2][5]. - The net profit attributable to shareholders is expected to be 2.27 billion CNY in 2023, decreasing to 1.76 billion CNY in 2024, but recovering to 2.30 billion CNY by 2026 [2][5]. - The company's PE ratio is projected to be 24 in 2024, 21 in 2025, and 18 in 2026, indicating a potential valuation improvement over the forecast period [2][5].