XINJI ENERGY(601918) KAIYUAN SECURITIES·2025-01-10 07:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved counter-cyclical growth in annual performance, with accelerated coal-electricity integration [3] - For 2024, the company expects revenue of 12.791 billion yuan, a slight decrease of 0.42% year-on-year, while net profit attributable to shareholders is projected to be 2.371 billion yuan, an increase of 12.39% year-on-year [3] - The company anticipates that coal prices will stabilize at current low levels in 2025, supported by macroeconomic policies [3] Financial Performance Summary - In 2024, the company expects to achieve a revenue of 12.791 billion yuan, with a year-on-year change of -0.42% [5] - The projected net profit attributable to shareholders for 2024 is 2.371 billion yuan, reflecting a year-on-year increase of 12.39% [5] - The average selling price of coal for 2024 is expected to be 567 yuan/ton, up 2.91% year-on-year [3] - The company’s coal production for 2024 is projected at 21.52 million tons, a year-on-year increase of 0.57% [3] Business Segment Insights - The coal business is expected to see a significant increase in production and sales in Q4 2024, with raw coal production reaching 5.95 million tons, a quarter-on-quarter increase of 14.37% [3] - The electricity generation segment is projected to achieve a total generation of 12.972 billion kWh in 2024, a year-on-year increase of 23.79% [3] - The company’s average on-grid electricity price for 2024 is expected to be 0.4065 yuan/kWh, a slight decrease of 0.81% year-on-year [3] Future Outlook - The company is actively advancing coal-electricity integration, with several new power plants under construction expected to enhance profitability stability by 2026 [4] - The company aims to increase its dividend payout in the future, benefiting from state-owned enterprise policies and stable profit levels [4] - The company plans to achieve 1,000 MW of new energy installed capacity by the end of 2025 through various renewable energy projects [4]