兖矿能源：聚焦五大产业并购发展，远期成长空间广阔

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" [1] Core Views - The report highlights the company's focus on five major industries for mergers and acquisitions, indicating significant growth potential in the long term [1][2] - The company has successfully acquired three companies in 2024, expanding its presence in high-end equipment manufacturing, smart logistics, and mining [2][3] - The report anticipates a new cycle of prosperity driven by supply shortages in the coal market, with projected net profits for 2024-2026 being 153 billion, 178 billion, and 198 billion yuan respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 1,066.33 billion yuan, a decrease of 21.5% year-on-year, and a net profit of 114.05 billion yuan, down 26.98% year-on-year [1] - The coal production for the first three quarters reached 10,571 million tons, an increase of 8.8% year-on-year, while coal sales were 10,259 million tons, up 3.5% year-on-year [1] - The average selling price of coal for the first three quarters was 683 yuan per ton, a decrease of 18.7% year-on-year [1] Acquisition Details - The acquisition of Scharf GmbH for 32.16 million euros enhances the company's high-end equipment manufacturing capabilities [2] - The purchase of Wubo Technology for 1.55 billion yuan aims to leverage potential synergies in smart logistics with the company's coal sales business [2] - The acquisition of Highland Resources marks the company's first step towards diversifying from coal mining to multi-mineral development [3] Profit Forecast and Valuation - The report forecasts net profits for 2024-2026 at 153 billion, 178 billion, and 198 billion yuan, with corresponding EPS of 1.53, 1.77, and 1.97 yuan per share [3] - The projected P/E ratios for the same period are 10.41, 8.97, and 8.07 respectively, indicating a favorable valuation outlook [3]