Workflow
营收及利润稳健增长,行业资本开支仍处于高位

Investment Rating - The investment rating for the company is "Buy" [1][4][9] Core Views - The company has shown stable revenue growth, with Q1 2024 revenue approximately 7.365 billion yuan, a year-on-year increase of 10.74%. The net profit attributable to shareholders is about 0.692 billion yuan, also up by 10.78% year-on-year [1][5][6] - The company secured new contracts worth 36.99 billion yuan in 2023, with significant contributions from various units, indicating strong future growth potential [1][6] - The fixed asset investment in the coal mining and washing industry has maintained growth, with a year-on-year increase of 32.9% in the first quarter of 2024 [1][6] - Recent policies from the National Development and Reform Commission and the National Energy Administration support new capacity construction, which is expected to sustain high capital expenditure in the industry [1][6] Financial Forecasts - Revenue projections for 2024-2026 are 33.41 billion yuan, 36.47 billion yuan, and 39.87 billion yuan respectively, with net profits of 2.63 billion yuan, 2.92 billion yuan, and 3.19 billion yuan [2][9] - Earnings per share are expected to be 0.64 yuan, 0.71 yuan, and 0.77 yuan for the same period [2][9] - The company is positioned as a leading state-owned enterprise in the coal machinery sector, with a stable industry landscape and increasing demand for coal machinery due to rising coal production capacity [1][9]