pingmei coal(601666) 国盛证券·2024-04-26 02:32Investment Rating - The report maintains a "Buy" rating for Pingmei Co Ltd (601666 SH) [2][4] Core Views - Pingmei Co Ltd's Q1 2024 performance was impacted by a decline in production and sales due to the January 12th mine accident [2] - The company is implementing a refined coal strategy, aiming to produce 13 05 million tons of refined coal in 2024 [2] - The company's dividend yield is 7 4%, with a proposed cash dividend of 9 9 yuan per 10 shares [2] Financial Performance - Q1 2024 revenue was 8 24 billion yuan, down 4 5% YoY, with net profit attributable to shareholders at 740 million yuan, down 35 4% YoY [1] - Coal production in Q1 2024 was 6 63 million tons, down 15% YoY, while sales were 6 91 million tons, down 12 9% YoY [2] - The average coal price in Q1 2024 was 1,156 yuan/ton, up 9 5% YoY, while the cost per ton was 834 yuan, up 11 3% YoY [2] Future Projections - Revenue is projected to be 32 3 billion yuan in 2024, 33 8 billion yuan in 2025, and 34 8 billion yuan in 2026 [2] - Net profit attributable to shareholders is expected to be 3 8 billion yuan in 2024, 4 4 billion yuan in 2025, and 4 9 billion yuan in 2026 [2] Financial Ratios - The P/E ratio is expected to be 8 6x in 2024, 7 4x in 2025, and 6 6x in 2026 [3] - The P/B ratio is projected to be 1 3x in 2024, 1 2x in 2025, and 1 1x in 2026 [3] - ROE is forecasted to be 13 2% in 2024, 14 0% in 2025, and 14 2% in 2026 [3] Industry Context - Pingmei Co Ltd operates in the coal mining industry, with a focus on high-quality low-sulfur coking coal [2] - The company has a resource base of nearly 3 billion tons, with a variety of coal types and excellent coal quality [2]