SCIE(SH:600546) Tebon Securities·2024-04-28 10:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 6.356 billion and a year-on-year decrease of 40.31%, while net profit dropped by 65.81% to 583 million [6] - The coal price has decreased, with an average selling price of 667.17 yuan/ton, down 21.33% year-on-year, while the overall cost slightly increased by 0.38% to 448.21 yuan/ton [6] - Production and sales have declined, with coal production and sales at 7.5146 million and 9.2947 million tons respectively, down 29.3% and 25.09% year-on-year [6] - The company plans to maintain a minimum coal production of 33 million tons in 2024, supported by new mines coming online [6] - The dividend payout for 2023 is set at 1.289 billion, with a payout ratio of 30.25%, indicating a dividend yield of 4.59% [6] Financial Summary - The company forecasts revenues of 38.3 billion, 40 billion, and 40.8 billion for 2024, 2025, and 2026 respectively, with net profits expected to be 4.5 billion, 4.7 billion, and 4.8 billion [7] - Earnings per share (EPS) are projected to be 2.25, 2.36, and 2.44 for the same years, with price-to-earnings (PE) ratios of 6.29, 6.00, and 5.80 [7] - The company aims to distribute at least 60% of its distributable profits as dividends during the 2024-2026 period, enhancing its investment appeal [6][7] Market Performance - The company's stock has underperformed compared to the market, with absolute declines of -15.49%, -25.36%, and -17.45% over the past 1, 2, and 3 months respectively [4]