pingmei coal(601666) 山西证券·2025-01-27 14:23Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [3][7]. Core Views - The company is continuing to expand its coal resources in Xinjiang, which will enhance its sustainable development capabilities [3][4]. - The acquisition of a 60% stake in Wusu Sike Tree Coal Co., Ltd. is expected to strengthen the company's resource layout in Xinjiang, with the target company generating significant revenue and profit [4][5]. - The company has a strong commitment to high dividend payouts, planning to distribute at least 60% of its distributable profits in cash annually [5]. Market Performance - As of January 27, 2025, the company's closing price is 9.03 yuan, with a yearly high of 15.05 yuan and a low of 7.84 yuan [2]. - The circulating A-share market value is 222.98 billion yuan, while the total market value is 223.51 billion yuan [2]. Financial Data and Projections - The company reported a basic and diluted earnings per share (EPS) of 0.84 yuan for the year ending September 30, 2024 [2]. - The projected EPS for 2024, 2025, and 2026 are 1.12 yuan, 1.31 yuan, and 1.42 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 8.1, 6.9, and 6.3 [6][9]. - The company's revenue for 2024 is estimated at 29.994 billion yuan, with a net profit of 2.768 billion yuan, reflecting a year-on-year decline [9][12]. Resource and Production Capacity - The target company, Wusu Sike Tree Coal Co., Ltd., had a revenue of 43.886 million yuan and a net profit of 11.950 million yuan in 2023 [4]. - The company’s coal reserves in Xinjiang are expected to exceed 1.732 billion tons, representing 59.19% of its total resources as of the end of 2023 [4].