GUANGHUI ENERGY(SH:600256) Xinda Securities·2024-04-26 01:30Investment Rating - The investment rating for Guanghui Energy (600256.SH) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that Guanghui Energy's Q1 2024 performance was significantly impacted by the decline in prices of coal, natural gas, and reduced sales volumes, resulting in a 49.44% year-on-year decrease in revenue to 10.041 billion yuan and a 73.15% drop in net profit attributable to shareholders to 0.807 billion yuan [1][2]. - Despite the short-term challenges, the company is expected to benefit from ongoing capacity expansions in coal, oil, and gas production, which will support long-term growth [2]. Summary by Sections Financial Performance - In Q1 2024, Guanghui Energy reported a revenue of 10.041 billion yuan, a decrease of 49.44% year-on-year, and a net profit of 0.807 billion yuan, down 73.15% year-on-year [1]. - The company's cash flow from operating activities was 1.711 billion yuan, reflecting a decline of 20.58% year-on-year [1]. Coal Business - The coal production in Q1 2024 was 5.8917 million tons, a decrease of 12.96% year-on-year, while the sales volume was 9.0183 million tons, an increase of 1.97% year-on-year [1]. - The average selling price of coal was 798.87 yuan per ton, down 17.76% year-on-year [1]. Natural Gas Business - The LNG production was 1.88 billion cubic meters (approximately 134,300 tons), down 4.61% year-on-year, and the sales volume was 11.81 billion cubic meters (approximately 843,600 tons), down 44.12% year-on-year [1]. - The average selling price of LNG was 4,451.78 yuan per ton, a decrease of 25.05% year-on-year [1]. Capacity Expansion and Future Prospects - The company is progressing with capacity expansions, particularly in coal mining, which is expected to enhance production significantly in the coming years [2]. - The report anticipates that coal production will reach over 50 million tons in 2024, 60 million tons in 2025, and 70 million tons in 2026 [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is adjusted to 5.54 billion yuan, 6.87 billion yuan, and 8.15 billion yuan, respectively, with corresponding EPS of 0.84, 1.05, and 1.24 yuan [2].