YANKUANG ENERGY(600188) 民生证券·2024-10-27 06:41Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a slight increase in performance in Q3 2024, with a net profit of 38.37 billion yuan, a year-on-year decrease of 15.63% but a quarter-on-quarter increase of 0.66% [1]. - The company plans to invest in an 800,000 tons/year olefin project, with an investment amount of 9.574 billion yuan, aimed at enhancing product value and market competitiveness [1]. - The forecasted net profits for 2024-2026 are 148.34 billion yuan, 164.57 billion yuan, and 177.77 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.64 yuan, and 1.77 yuan [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 1066.33 billion yuan, a year-on-year decrease of 21.50%, and a net profit attributable to shareholders of 114.05 billion yuan, down 26.98% year-on-year [1]. - In Q3 2024, coal production reached 36.73 million tons, a year-on-year increase of 9.8%, and sales were 34.72 million tons, up 4.5% year-on-year [1]. - The average selling price of coal was 655.9 yuan/ton in Q3 2024, a year-on-year decrease of 6.2% [1]. - The company’s coal business generated a gross profit of 114.3 billion yuan in Q3 2024, reflecting a year-on-year increase of 10.1% and a quarter-on-quarter increase of 12.4% [1]. - The chemical business achieved a gross profit of 14.88 billion yuan in Q3 2024, down 18.2% year-on-year but up 13.9% quarter-on-quarter [1].