GUANGHUI ENERGY(SH:600256) Haitong Securities·2024-04-29 08:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 61.475 billion yuan in 2023, representing a year-on-year increase of 3.48%, while the net profit attributable to shareholders was 5.173 billion yuan, a decrease of 54.37% year-on-year [5][11] - For Q1 2024, the company reported a revenue of 10.041 billion yuan, down 49.44% year-on-year, and a net profit of 0.807 billion yuan, down 73.15% year-on-year [5][11] - The company has seen a significant increase in natural gas sales, with a total of 8.684 billion cubic meters sold in 2023, a year-on-year growth of 30.99% [5][6] - The coal production reached 22.3129 million tons in 2023, marking a year-on-year increase of 9.13%, while total coal sales were 30.9946 million tons, up 16.07% year-on-year [6] - The hydrogen energy project has entered trial production, enhancing the company's core competitiveness [6] Financial Summary - The company forecasts net profits of 5.415 billion yuan, 7.439 billion yuan, and 8.139 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.82 yuan, 1.13 yuan, and 1.24 yuan [6][11] - The report estimates a reasonable value range for the stock at 8.20 to 9.02 yuan based on a PE ratio of 10-11 times the 2024 EPS [6] - The company's revenue is projected to decline to 50.428 billion yuan in 2024, followed by a recovery to 54.088 billion yuan in 2025 and 61.404 billion yuan in 2026 [11] Market Performance - The company's stock price closed at 7.25 yuan, with a 52-week price range of 6.20 to 9.48 yuan [2] - The report indicates that the company's performance has been under pressure compared to the market, with absolute and relative declines over the past 1 to 3 months [4]