GUANGHUI ENERGY(SH:600256) Guohai Securities·2024-04-29 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that coal sales have improved on a month-on-month basis, and the contribution from the Marang project is expected to be significant, making the company a rare growth-oriented investment target [1][5] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 10.04 billion, a year-on-year decrease of 49.4%, and a net profit attributable to shareholders of 810 million, down 73.2% year-on-year [5] - The company’s coal production in Q1 2024 was 5.89 million tons, a month-on-month decrease of 1.9% and a year-on-year decrease of 13.0% [5] - The total coal sales reached 7.8 million tons, with a month-on-month increase of 9.3% and a year-on-year decrease of 1.1% [5] Coal Business - The report indicates a significant improvement in coal sales, with premium coal sales increasing by 25.9% month-on-month and 27.3% year-on-year [5] - The company has substantial future capacity expansion potential, with plans for the Marang coal mine to reach an annual capacity of 25 million tons and the eastern mining area to reach 20 million tons per year during the 14th Five-Year Plan period [5][6] Natural Gas Business - The company’s self-produced gas output in Q1 2024 was 188 million cubic meters, a month-on-month increase of 39.1% but a year-on-year decrease of 4.6% [3] - Total gas sales amounted to 1.18 billion cubic meters, reflecting a month-on-month decrease of 46.2% and a year-on-year decrease of 44.1% [3] Profit Forecast - The company is projected to achieve operating revenues of 55.85 billion, 69.19 billion, and 76.57 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.03 billion, 6.40 billion, and 6.72 billion [7][8] - The expected EPS for the years 2024, 2025, and 2026 is 0.77, 0.97, and 1.02 respectively, with a current P/E ratio of 9.5 for 2024 [8]