甘肃能化：煤炭化工电力成长凸显，业绩反转节点或至

Investment Rating - The investment rating for Gansu Energy Chemical is "Buy" (maintained) [14] Core Views - The report indicates that the coal, chemical, and power sectors are showing growth potential, with a possible turning point in performance. The company is expected to benefit from the gradual commissioning of its projects and a rebound in coal prices since the second quarter [16] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.36 billion, 2.80 billion, and 3.14 billion respectively, reflecting year-on-year growth of 35.5%, 18.9%, and 12.3% [16] - The report highlights the company's ongoing construction of various projects, including coal mining and chemical production, which are expected to contribute positively to future earnings [16] Financial Summary - Revenue for 2022 was 12,261 million, with a projected decline to 11,259 million in 2023, followed by a recovery to 12,822 million in 2024 [4] - Net profit attributable to shareholders decreased from 3,169 million in 2022 to 1,738 million in 2023, with an expected increase to 2,355 million in 2024 [4] - The company's gross margin is projected to improve from 35.9% in 2023 to 37.9% in 2024, while net margin is expected to rise from 15.4% to 18.4% in the same period [4] Operational Highlights - The company has a total coal production capacity of 16.24 million tons, with 6.9 million tons under construction. The Red Shaliang open-pit mine is in trial operation, and the Baiyanzi mine is expected to start trial operation in the first half of 2024 [16] - The chemical project, which includes a 350,000 tons/year urea production capacity, is in the commissioning phase and is expected to start producing by June 2024 [16] - The power generation capacity is set to increase significantly with the construction of a new thermal power project, expected to be operational by October 2025, which will enhance the company's profitability [16]