ZHONGTAI SECURITIES·2024-04-29 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 39.55 CNY [1]. Core Views - The report highlights that the company achieved a revenue of 87.65 billion CNY in Q1 2024, representing a year-on-year growth of 0.70% and a quarter-on-quarter decrease of 3.27%. The net profit attributable to shareholders was 15.88 billion CNY, a year-on-year decrease of 14.66% but a quarter-on-quarter increase of 39.03% [5][6]. - The company forecasts revenues of 344.08 billion CNY, 353.30 billion CNY, and 358.87 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 63.52 billion CNY, 65.09 billion CNY, and 67.03 billion CNY for the same years [7]. Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 344.53 billion CNY, Net Profit of 69.63 billion CNY - 2023A: Revenue of 343.07 billion CNY, Net Profit of 59.69 billion CNY - 2024E: Revenue of 344.08 billion CNY, Net Profit of 63.52 billion CNY - 2025E: Revenue of 353.30 billion CNY, Net Profit of 65.09 billion CNY - 2026E: Revenue of 358.87 billion CNY, Net Profit of 67.03 billion CNY [2][3]. - Earnings Per Share (EPS): - 2024E: 3.20 CNY - 2025E: 3.28 CNY - 2026E: 3.37 CNY [7]. - Price-to-Earnings (P/E) Ratio: - 2024E: 11.9X - 2025E: 11.6X - 2026E: 11.2X [7]. Operational Highlights - Coal Production and Sales: - Q1 2024 coal production reached 81 million tons, a year-on-year increase of 1.50%, while sales reached 117 million tons, a year-on-year increase of 8.83% [6]. - The average selling price for coal in Q1 2024 was 573 CNY/ton, a year-on-year decrease of 7.73% [6]. - Electricity Generation: - Total electricity generation in Q1 2024 was 55.35 billion kWh, a year-on-year increase of 7.04% [7]. - The selling price for electricity was 409 CNY/MWh, with a selling cost of 365 CNY/MWh, resulting in a gross profit of 44 CNY/MWh [7]. Market Capitalization - The company's market capitalization is approximately 785.80 billion CNY, with a circulating market value of about 652.22 billion CNY [3].