XINJI ENERGY(SH:601918) Minsheng Securities·2025-03-22 21:10Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved significant profit growth in 2024, with a net profit of 2.393 billion yuan, representing a year-on-year increase of 13.44% [1]. - The company's coal sales slightly declined, but profitability improved, with a gross profit margin of 40.14%, up 3.79 percentage points year-on-year [2]. - The commissioning of the second phase of the Banjie power plant in 2024 led to a substantial increase in electricity generation, with a total output of 12.884 billion kWh, a 23.96% increase year-on-year [3]. - The company is on track with new power plant constructions, which are expected to enhance electricity generation steadily in the coming years [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 12.727 billion yuan, a decrease of 0.92% year-on-year, while the net profit attributable to shareholders was 2.393 billion yuan, an increase of 13.44% [1][5]. - The fourth quarter of 2024 saw a significant increase in net profit, reaching 569 million yuan, a year-on-year growth of 201.28% [1]. Coal Production and Sales - The company produced 19.06 million tons of coal in 2024, a decrease of 1.62%, with sales of 18.87 million tons, down 4.14% [2]. - The average selling price of coal increased by 2.91% to 567 yuan per ton, while the cost decreased by 3.22% to 340 yuan per ton, resulting in a gross profit of 228 yuan per ton, up 13.65% [2]. Power Generation - The second phase of the Banjie power plant commenced commercial operations in 2024, contributing to a total electricity generation of 12.884 billion kWh, a 23.96% increase year-on-year [3]. - The average on-grid electricity price was 0.4078 yuan per kWh, slightly down by 0.72% year-on-year [3]. Future Outlook - The company plans to complete the construction of new power plants in 2026, which is expected to further increase electricity generation and enhance the stability of its coal-electricity integrated operation model [3][4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 2.364 billion yuan, 2.691 billion yuan, and 2.980 billion yuan, respectively, with corresponding EPS of 0.91, 1.04, and 1.15 yuan [4][5].