NORINCO International(SZ:000065) GUOTAI HAITONG SECURITIES·2026-03-24 02:50Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The company is expected to benefit from the rise in coking coal prices and European natural gas prices, with a target price set at 18 CNY based on a 24x PE for 2026 [3][7] - The company is expanding its integrated operations in Mongolia, focusing on mining services, logistics, customs storage, and coking coal sales [2][3] - The company is also increasing its investment in power generation projects in Central and Eastern Europe, with a gross profit margin of 26% expected in the first half of 2025 [4] Financial Summary - The company forecasts EPS of 0.67 CNY, 0.75 CNY, and 0.81 CNY for 2025, 2026, and 2027 respectively, reflecting a year-on-year change of -26.1%, 11.9%, and 8.7% [3][5] - Total revenue is projected to decline from 21,488 million CNY in 2023 to 14,530 million CNY in 2025, a decrease of 23.8% [5] - Net profit attributable to shareholders is expected to be 918 million CNY in 2023, decreasing to 776 million CNY in 2025, before recovering to 868 million CNY in 2026 and 943 million CNY in 2027 [5] Operational Highlights - The company plans to sell 4.48 million tons of coking coal in 2025, with a significant increase in coking coal prices observed, rising from 1,101.5 CNY/ton to 1,289.5 CNY/ton, a 17.1% increase [3] - The company has successfully completed various power generation projects, including wind and hydroelectric plants, and is actively participating in the Belt and Road Initiative [4]