GUANGHUI ENERGY(SH:600256) KAIYUAN SECURITIES·2024-04-26 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 performance was negatively impacted by a decline in both product volume and price, with a focus on the Marang coal mine and high dividends [5] - The company reported Q1 2024 revenue of 10.041 billion yuan, a year-on-year decrease of 49.4% and a quarter-on-quarter decrease of 15.7% [5] - The forecast for net profit attributable to shareholders for 2024-2026 is 6.55 billion, 8.46 billion, and 9.56 billion yuan, representing year-on-year growth of 26.5%, 29.3%, and 13% respectively [5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 808 million yuan, down 73.1% year-on-year but up 150.2% quarter-on-quarter [5] - The company’s coal production and sales volume decreased by 12.96% and 1.09% year-on-year, respectively, while the average price of coal dropped by 22.8% [5] - The LNG sales volume fell by 44.1% year-on-year, primarily due to a significant decline in sales at the Jiangsu Qidong LNG receiving station [5] Growth Drivers - The resumption of production at the Marang coal mine is expected to be a key catalyst for performance recovery [5] - The company is enhancing its LNG turnover capacity with the completion of a new storage tank project [5] - The company has received approval for additional crude oil import quotas, which will support its drilling activities [5] Dividend Policy - The company distributed a cash dividend of 0.7 yuan per share in 2023, with a payout ratio of 87.9%, indicating a sustainable high dividend yield of 9.6% [5]