GANSU EC(000552) 华龙证券·2024-04-24 01:00Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [9][10]. Core Views - The report indicates that the coal price decline has negatively impacted performance, but there is a long-term positive outlook for the integrated development of coal, electricity, and chemicals [9]. - The company reported a revenue of 11.26 billion (百万元) in 2023, a decrease of 8.17% year-on-year, and a net profit attributable to shareholders of 1.74 billion, down 45.16% year-on-year [9]. - The coal production volume increased by 31.70% year-on-year to 19.68 million tons, and sales volume rose by 36.13% year-on-year to 19.27 million tons, attributed to the trial operation of the Hongshaliang open-pit mine [9]. - The company has a competitive advantage in the power generation sector, with a total electricity sales volume of 3.779 billion kWh and a low unit coal consumption [9]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 2.14 billion, 2.27 billion, and 2.44 billion (百万元) respectively, with corresponding PE ratios of 8.9, 8.4, and 7.8 [10]. - The revenue forecast for 2024 is 11.88 billion (百万元), with a growth rate of 5.5% [11]. - The company’s return on equity (ROE) is expected to be 11.9% in 2024, with a gradual decline to 11.3% by 2026 [11]. - The report highlights a significant increase in R&D expenses by 29.3% year-on-year, indicating a commitment to technological upgrades and safety improvements [9].