Haohua Energy(SH:601101) Soochow Securities·2024-05-07 07:02Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company is expected to increase its market coal supply ratio and shift production at the Hongdunzi coal mine to coking coal, which is anticipated to contribute to profit growth due to high premiums [3][9] - The company has stable operations and growth characteristics, with a focus on increasing shareholder value through stable dividends and operational efficiency [9][16] Financial Forecasts and Valuation - Total revenue (in million yuan) is projected to be 8,437 in 2023, increasing to 10,194 in 2024, and reaching 11,724 by 2026, with a year-on-year growth of 20.83% in 2024 [1][9] - Net profit attributable to the parent company is forecasted to be 1,040 million yuan in 2023, increasing to 1,846 million yuan in 2024, and 2,105 million yuan in 2026, reflecting a significant growth of 77.54% in 2024 [1][9] - The earnings per share (EPS) is expected to rise from 0.72 yuan in 2023 to 1.28 yuan in 2024, and further to 1.46 yuan in 2026 [1][9] - The price-to-earnings (P/E) ratio is projected to be 11.49 in 2023, decreasing to 5.68 by 2026, indicating an attractive valuation [1][9] Dividend Expectations - The company is expected to increase its dividend payout ratio to 60% in 2024, with an estimated dividend yield of 8.86% based on the closing price on May 6, 2024 [9][16] - The company aims to enhance shareholder returns through stable operations and market performance, aligning with state-owned enterprise reforms [16]