GUANGHUI ENERGY(SH:600256) Minsheng Securities·2024-04-26 16:00Investment Rating - The report has adjusted the investment rating to "Cautious Recommendation" due to a decline in performance [2][3]. Core Views - In Q1 2024, the company reported a revenue of 10.041 billion yuan, a year-on-year decrease of 49.44%, and a net profit attributable to shareholders of 807 million yuan, down 73.15% year-on-year [2]. - The coal production decreased by 12.96% to 5.8917 million tons, while coal sales increased by 1.97% to 9.0183 million tons [2]. - Natural gas production and sales saw a decline, with self-produced LNG at 188 million cubic meters, down 4.61%, and natural gas sales at 1.181 billion cubic meters, down 44.12% [2]. - The prices of coal chemical products are under pressure, with methanol prices in the Northwest averaging 2,101.54 yuan per ton, down 6.55% year-on-year [2]. - The company is advancing hydrogen-related projects, including a green hydrogen production project that is expected to produce 660 tons of hydrogen annually, reducing CO2 emissions by 5,800 tons per year [2]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 10.041 billion yuan, a decrease of 49.44% year-on-year, and a net profit of 807 million yuan, down 73.15% year-on-year [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 4.516 billion, 4.833 billion, and 5.254 billion yuan, respectively, with corresponding EPS of 0.69, 0.74, and 0.80 yuan per share [3]. Production and Sales - Coal production in Q1 2024 was 5.8917 million tons, a decrease of 12.96%, while coal sales were 9.0183 million tons, an increase of 1.97% [2]. - The company’s LNG production was 188 million cubic meters, down 4.61%, and natural gas sales were 1.181 billion cubic meters, down 44.12% [2]. Pricing and Market Conditions - The average price of LNG in Northeast Asia was 11.94 USD per million British thermal units, a decrease of 54.14% year-on-year, and the domestic LNG ex-factory price was 4,451.78 yuan per ton, down 25.05% [2]. - The prices of coal chemical products are under pressure, with methanol prices averaging 2,101.54 yuan per ton, down 6.55% year-on-year [2]. Project Developments - The company is progressing with the Marang coal mine project, having received necessary approvals and currently processing further permits [2]. - The hydrogen production project has successfully produced hydrogen with a purity of 99.998%, and the project is expected to significantly contribute to CO2 reduction upon completion [2].