GANSU EC(SZ:000552) KAIYUAN SECURITIES·2024-04-30 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The report indicates that coal production and sales are improving, and the company's performance may be at an inflection point, with growth potential in coal chemical and power generation sectors [10] - The company achieved a revenue of 2.82 billion yuan in Q1 2024, a year-on-year decrease of 10.6%, and a net profit attributable to shareholders of 540 million yuan, down 44.0% year-on-year [10] - The report maintains profit forecasts, expecting net profits of 2.14 billion yuan, 2.38 billion yuan, and 2.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.40, 0.44, and 0.52 yuan [10] Financial Summary - The company has a total market capitalization of 18.464 billion yuan and a circulating market capitalization of 10.298 billion yuan [6] - The company's coal production in Q1 2024 was 5.26 million tons, an increase of 6.5% year-on-year, while coal sales were 4.17 million tons, up 0.2% year-on-year [10] - The report highlights that the company's gross profit margin and net profit margin showed significant improvement in Q1 2024, with margins of 36.6% and 19.0% respectively, despite a general decline in coal prices [10] Growth Potential - The company is currently constructing three new mines with an annual capacity of 6.9 million tons, and the largest coking coal resource project in Gansu province is in trial operation [10] - The report emphasizes that the coal, chemical, and power sectors all have growth potential, with plans to achieve a coal production capacity of 23.14 million tons and a chemical product capacity of 1.4 million tons by the end of the 14th Five-Year Plan [10]