XINJI ENERGY(601918) Minsheng Securities·2025-01-10 00:23Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 12.791 billion yuan in 2024, a slight decrease of 0.42% year-on-year, while the net profit attributable to shareholders increased by 12.39% to 2.371 billion yuan [1]. - The fourth quarter of 2024 saw a significant year-on-year increase in net profit, which reached 546 million yuan, representing a growth of 189.51% [1]. - The company is expected to experience rapid growth in performance due to the ongoing commissioning of power plant projects, with projected net profits of 2.371 billion yuan, 2.514 billion yuan, and 2.893 billion yuan for 2024, 2025, and 2026 respectively [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.602 billion yuan, a year-on-year increase of 14.24% and a quarter-on-quarter increase of 12.43% [1]. - The coal production in Q4 2024 reached 5.9451 million tons, up 23.92% year-on-year and 14.37% quarter-on-quarter [2]. - The unit gross profit for coal was 245.66 yuan per ton, reflecting a year-on-year increase of 49.77% [2]. Operational Highlights - The company’s new power plant project commenced commercial operations in Q4 2024, contributing to a power generation of 4.368 billion kWh, which is a 42.28% increase year-on-year [3]. - The proportion of self-supplied coal increased by 6.86 percentage points to 30.60% due to the commissioning of the new power plant [3]. - The company has secured approximately 85% of its coal supply through long-term contracts, ensuring price stability [3]. Future Outlook - The company is projected to achieve earnings per share (EPS) of 0.92 yuan, 0.97 yuan, and 1.12 yuan for the years 2024, 2025, and 2026 respectively [4]. - The price-to-earnings (PE) ratio is expected to decrease from 8 times in 2025 to 6 times in 2026, indicating potential valuation improvement [4].