晋控煤业：资产注入序幕开启

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has ample cash reserves to support long-term capital expenditures and dividend plans, with total assets of RMB 37.97 billion, including RMB 18.22 billion in current assets and RMB 19.75 billion in non-current assets [2] - The company's debt level is low, with only RMB 1.6 billion in long-term loans, and a high cash-to-asset ratio of 42.1% [2] - The company is expected to achieve net profits attributable to the parent company of RMB 2.87 billion, RMB 2.56 billion, and RMB 2.64 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 7.5X, 8.4X, and 8.1X [2] Financial Performance - Revenue is projected to decline slightly from RMB 15.34 billion in 2023 to RMB 15.13 billion in 2024, with a further decline to RMB 14.84 billion in 2025 before recovering to RMB 15.09 billion in 2026 [3] - Net profit attributable to the parent company is expected to decrease from RMB 3.30 billion in 2023 to RMB 2.87 billion in 2024, and further to RMB 2.56 billion in 2025, before rebounding to RMB 2.64 billion in 2026 [3] - The company's ROE is forecasted to decline from 18.5% in 2023 to 14.9% in 2024, and further to 12.0% in 2025, before stabilizing at 11.6% in 2026 [3] Asset Injection - The company has announced the initiation of acquiring assets from its indirect controlling shareholder, including the exploration rights and related assets of the Panjiayao Mine in Zuoyun County, Shanxi Province [1] - The Panjiayao Mine has a mining area of 90.1357 square kilometers, with recoverable reserves of 947 million tons, and plans to build a 10 million-ton-per-year mine with supporting coal preparation plants and railway lines [7] Valuation Metrics - The company's P/E ratio is expected to increase from 6.5X in 2023 to 7.5X in 2024, and further to 8.4X in 2025, before slightly decreasing to 8.1X in 2026 [3] - The P/B ratio is projected to decline from 1.3X in 2023 to 1.2X in 2024, and further to 1.1X in 2025, before reaching 1.0X in 2026 [3] Industry and Market Position - The company operates in the coal mining industry and has a total market capitalization of RMB 21.41 billion as of January 15, 2025 [4] - The company's stock price has shown significant growth, outperforming the CSI 300 index, with a 60% increase from January 2024 to January 2025 [6]