XINJI ENERGY(SH:601918) Shanxi Securities·2025-03-25 09:03Investment Rating - The report maintains a "Buy-A" investment rating for the company, indicating a positive outlook for future performance [3][9]. Core Views - The company reported a slight decrease in revenue for 2024, with total revenue of 12.727 billion yuan, down 0.92% year-on-year, while net profit increased by 13.44% to 2.393 billion yuan [3][4]. - The company benefits from stable coal production and sales, with a slight increase in average coal prices, leading to improved gross margins [4][6]. - The integration of coal and electricity operations is expected to enhance profitability and valuation, with significant growth anticipated in the power generation segment [5][6]. Financial Performance Summary - For 2024, the company achieved a basic earnings per share (EPS) of 0.924 yuan and a return on equity (ROE) of 16.46%, reflecting a slight decrease of 0.38 percentage points year-on-year [3][4]. - The total assets of the company reached 44.666 billion yuan, an increase of 23.07% year-on-year, while net assets grew by 15.07% to 15.556 billion yuan [3][4]. - The average selling price of coal was 567.43 yuan per ton, up 2.91% year-on-year, while the cost per ton decreased by 3.22% to 339.68 yuan [4][6]. Future Projections - The company expects EPS to increase to 0.96 yuan in 2025, with projected price-to-earnings (P/E) ratios of 7.3, 7.0, and 6.6 for 2025, 2026, and 2027 respectively [9][11]. - The planned power generation for 2025 is projected to be 161 billion kilowatt-hours, representing a 24.11% increase from 2024 [6][9]. - The company is preparing to build new power plants, which will significantly expand its electricity generation capacity and enhance its coal-electricity integration [6][9].