煤炭量增显著，分红提升价值

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][34][27] Core Views - The company, a state-owned enterprise based in Beijing, is shifting its strategic focus towards the northwest, enhancing its coal production capabilities and optimizing its capital structure [6][39][43] - The coal business is expected to see significant growth in production and profitability, with projected net profits of 1.69 billion and 1.89 billion yuan for 2024 and 2025 respectively, reflecting year-on-year growth rates of 25.0% and 11.9% [9][11][34] - The non-coal business, particularly the chemical segment, is currently under pressure, while the railway transportation segment remains stable [10][80] Summary by Sections 1. Company Overview - The company was established in 2002 and listed on the Shanghai Stock Exchange in 2010, with the Beijing Energy Group as its largest shareholder [8][39] - As of Q1 2024, the company reported revenues of 2.413 billion yuan, a year-on-year increase of 7.58%, and a net profit of 452 million yuan, up 5.12% [8][63] 2. Coal Business - The company has coal reserves of 2.095 billion tons with a mining life exceeding 58 years, and a certified production capacity of 19.3 million tons per year [9][25][49] - The coal production and sales are expected to continue growing, with a projected increase of approximately 2.25 million tons [9][50] - The cost per ton of coal decreased significantly to 187 yuan, down 18.8% year-on-year, indicating effective cost control [9][29] 3. Non-Coal Business - The chemical business faced challenges, with methanol sales dropping by 25.8% year-on-year due to equipment maintenance issues, resulting in a revenue decline of 31.8% [10][81] - The railway transportation segment is stable, with a transportation capacity of 10 million tons per year and a revenue of 145 million yuan [10][20] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.59 billion, 1.81 billion, and 1.90 billion yuan from 2024 to 2026, with corresponding PE ratios of 8.8, 7.8, and 7.4 [11][34] - The report emphasizes the potential for steady profit growth as the company capitalizes on its high-quality coal production [11][34]