兖矿能源：Q3业绩环比改善，未来成长可期

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company has shown improvement in Q3 performance, with a sequential increase in revenue and net profit, indicating potential for future growth [1][2]. - The coal and chemical segments have both experienced production and sales growth, alongside significant cost reductions, contributing to improved profitability [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1066.33 billion, down 21.50% year-on-year, and a net profit of 114.05 billion, down 26.98% year-on-year [1]. - In Q3 2024, the company reported a revenue of 343.21 billion, a decrease of 15.46% year-on-year but an increase of 5.03% quarter-on-quarter, with a net profit of 38.37 billion, down 15.63% year-on-year and up 0.66% quarter-on-quarter [1]. Coal Business - The coal segment generated a revenue of 701.20 billion in the first three quarters of 2024, down 15.9% year-on-year, with a gross profit of 312.22 billion, down 20.6% year-on-year [1]. - In Q3 2024, the coal segment's revenue was 227.69 billion, up 1.2% quarter-on-quarter, with a gross profit of 114.26 billion, up 12.3% quarter-on-quarter [1]. - The company produced 36.73 million tons of self-produced coal in Q3 2024, an increase of 6.7% quarter-on-quarter, and sold 34.72 million tons of commercial coal, up 3.0% quarter-on-quarter [1]. Chemical Business - The chemical segment achieved a gross profit of 14.99 billion in Q3 2024, an increase of 14.08% quarter-on-quarter [1]. - The company produced and sold 217.5 thousand tons and 195.2 thousand tons of chemical products, respectively, with increases of 7.8% and 4.7% quarter-on-quarter [1]. Future Growth Potential - The company plans to complete several coal mining projects between 2024 and 2030, which are expected to add over 40 million tons of coal production capacity [2]. - A subsidiary is set to invest 9.574 billion in an 800,000-ton ethylene project, which aims to enhance product value and market competitiveness [2]. Earnings Forecast - The company is projected to achieve net profits of 15.2 billion, 18.6 billion, and 21 billion for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10.5X, 8.6X, and 7.6X [2].