GANSU EC(SZ:000552) Minsheng Securities·2024-04-30 03:30Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3][4]. Core Views - The company's coal production is expected to increase, with the Baiyanzimiao mine contributing additional output in 2024. The company is also expanding its capacity at the Hongshaliang open-pit and underground mines to 3 million tons per year [2]. - The projected net profit attributable to the parent company for 2024-2026 is estimated at 1.951 billion, 2.152 billion, and 2.372 billion yuan, respectively, with corresponding EPS of 0.36, 0.40, and 0.44 yuan per share [3]. - The company’s coal and electricity business volume is anticipated to grow in 2024, with Q1 coal production reaching 5.2627 million tons, a 6.98% increase year-on-year [4]. - The clean and efficient gasification project is expected to start operations in the first half of 2024, which will enhance the company's downstream supply chain and improve profitability [5]. Financial Projections - The company's revenue is projected to reach 11.259 billion, 11.938 billion, 12.961 billion, and 14.014 billion yuan from 2024 to 2026, with growth rates of -8.2%, 6.0%, 8.6%, and 8.1% respectively [6]. - The net profit attributable to the parent company is forecasted to decline by 45.2% in 2025, followed by growth rates of 12.3%, 10.3%, and 10.2% in the subsequent years [6]. - The company’s PE ratio is expected to be 11, 9, 9, and 8 for the years 2024 to 2026 [6].