SHCI(SH:601225) ZHONGTAI SECURITIES·2024-03-14 16:00Investment Rating - The investment rating for Shaanxi Coal Industry is "Buy" (maintained) with a market price of 25.24 CNY [1]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 21.26 billion CNY in 2023, a decrease of 39.59% year-on-year, primarily due to falling coal prices and a high base from the previous year [3]. - The company reported a coal production of 164 million tons in 2023, an increase of 4.10% year-on-year, but the average coal prices decreased significantly, impacting overall performance [3]. - The company maintains a high dividend yield of 5.21%, indicating strong allocation value despite the profit decline [3]. - The earnings forecast for 2023-2025 has been adjusted, with expected revenues of 170.81 billion CNY, 190.38 billion CNY, and 196.81 billion CNY, and net profits of 21.26 billion CNY, 24.53 billion CNY, and 26.14 billion CNY respectively [3]. Financial Summary - Revenue (in million CNY): 152,266 (2021A), 166,848 (2022A), 170,814 (2023E), 190,376 (2024E), 196,811 (2025E) [2]. - Net Profit (in million CNY): 21,140 (2021A), 35,123 (2022A), 21,260 (2023E), 24,528 (2024E), 26,136 (2025E) [2]. - Earnings Per Share (CNY): 2.18 (2023E), 2.53 (2024E), 2.70 (2025E) [2]. - Price-to-Earnings Ratio (P/E): 11.6 (2023E), 10.0 (2024E), 9.4 (2025E) [2]. - Price-to-Book Ratio (P/B): 2.9 (2023E), 2.4 (2024E), 1.7 (2025E) [2]. Market Performance - The company’s stock price as of March 13, 2024, is 25.24 CNY, with a market capitalization of 244.70 billion CNY [4].