疆煤外运核心资产，铁路运量增长有望稳步兑现

Investment Rating - The investment rating for the company is "Buy" [8]. Core Views - The company is expected to significantly increase its related transactions with Guanghui Energy Co., Ltd. in 2024, with an estimated amount of 4.8 billion yuan, a substantial increase from the 1.595 billion yuan in 2023 [8]. - The company is positioned as a leader in the transportation of coal from Xinjiang, benefiting from the growing demand for coal logistics services due to supply constraints in the market [15]. - The report highlights the anticipated growth in railway transportation volumes and energy logistics services, driven by new mining projects and improved railway infrastructure [15][19]. Financial Summary - Total revenue for the company is projected to grow from 4.321 billion yuan in 2021 to 7.477 billion yuan in 2025, with a year-on-year growth rate of 63.4% in 2024 [2]. - The net profit attributable to the parent company is expected to rise from 618 million yuan in 2021 to 2.005 billion yuan in 2025, reflecting a significant increase in profitability [2]. - The gross profit margin is forecasted to improve from 42.2% in 2021 to 48.3% in 2025, indicating enhanced operational efficiency [2]. - The return on equity (ROE) is projected to increase from 6.9% in 2021 to 22.5% in 2025, showcasing strong financial performance [2]. - The earnings per share (EPS) is expected to grow from 0.50 yuan in 2022 to 1.63 yuan in 2025, reflecting the company's profitability trajectory [2]. Market Position and Growth Drivers - The company is strategically positioned to capitalize on the increasing coal transportation needs from Xinjiang to key consumption areas, supported by the expansion of railway infrastructure [15]. - The report emphasizes the growth potential of the company's energy logistics business, driven by the anticipated increase in coal production and transportation volumes [15]. - The successful operation of the new railway line is expected to gradually enhance the company's freight business volume [19].