HYMD(600971) Guotai Junan Securities·2024-04-28 02:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.30 [11][12]. Core Views - The company is expected to alleviate revenue decline due to decreasing coal product costs, maintaining stable overall operational performance while continuously expanding its power generation business [11][12]. - The first quarter of 2024 saw a revenue of 20.51 billion, reflecting a decrease of 8.34% year-on-year, but the net profit attributable to shareholders was 4.31 billion, aligning with market expectations [11][12]. - The company anticipates a slight performance pressure in Q2, but limited fluctuations are expected, with an anticipated increase in coking coal prices in Q3 boosting performance [11][12]. Financial Summary - The company achieved a revenue of 7,786 million in 2023, with projections of 7,452 million for 2024 and 7,469 million for 2025 [11][12]. - The net profit attributable to shareholders for 2023 is projected at 2,036 million, with slight increases expected in subsequent years [11][12]. - The company's coal production volume reached 254 million tons, a 15% increase year-on-year, while the sales volume of commercial coal was 192 million tons, reflecting a decrease of 2.7% [11][12]. Operational Performance - The average selling price per ton of coal was 1,017 yuan, with a gross profit of 456 yuan per ton [11][12]. - The company is expanding its power generation business, with new projects expected to contribute to growth [11][12]. - The management and research expenses increased by approximately 6 million year-on-year, but the overall operational performance remains stable [11][12].