GUANGHUI ENERGY(SH:600256) ZHONGTAI SECURITIES·2024-04-22 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company has significant growth potential and considerable profit elasticity. Despite a decline in net profit for 2023, the company is expected to recover with increased production and sales in coal and improved profitability in natural gas trading [4][6] - The company plans to distribute a cash dividend of 0.7 CNY per share, resulting in a high dividend yield of 8.8%, making it an attractive investment [4][6] - The earnings forecast for 2024-2026 has been adjusted downwards due to the decline in international natural gas prices, with projected revenues of 801.58 billion CNY, 983.33 billion CNY, and 1,099.21 billion CNY respectively [4][6] Financial Performance Summary - Revenue: The company reported a revenue of 61,475 million CNY in 2023, a year-on-year increase of 3% [2][4] - Net Profit: The net profit for 2023 was 5,173 million CNY, a decrease of 54% year-on-year [4][6] - Earnings Per Share (EPS): The EPS for 2023 was 0.79 CNY, down 53.76% from the previous year [4][6] - Return on Equity (ROE): The weighted average ROE for 2023 was 18.15%, a decrease of 26.90 percentage points year-on-year [4][6] Revenue and Profit Forecast - 2024 Forecast: Expected revenue of 80,158 million CNY and net profit of 7,754 million CNY [2][4] - 2025 Forecast: Expected revenue of 98,333 million CNY and net profit of 12,449 million CNY [2][4] - 2026 Forecast: Expected revenue of 109,921 million CNY and net profit of 13,337 million CNY [2][4] Market Valuation - The current market price is 7.96 CNY, with corresponding P/E ratios of 6.7X for 2024, 4.2X for 2025, and 3.9X for 2026 [2][4]