hbky(600985) 国盛证券·2024-10-30 00:43Investment Rating - The report maintains a "Buy" rating for HuaiBei Mining [5] Core Views - The company's performance has been impacted by declining sales and prices, but growth potential remains evident [1][3] - The company reported a net profit of 4.139 billion yuan for the first three quarters of 2024, a decrease of 18.17% year-on-year, while revenue increased by 1.96% to 56.786 billion yuan [1] - In Q3 2024, the net profit was 1.204 billion yuan, down 18.12% year-on-year, with revenue rising by 6.45% to 19.47 billion yuan [1] Summary by Sections Sales and Production - For Q1-Q3 2024, the company produced 15.67 million tons of commodity coal, a decrease of 6.4% year-on-year, with sales of 11.88 million tons, down 13.9% [2] - In Q3 2024, commodity coal production was 5.35 million tons, down 1.4% year-on-year, while sales were 3.85 million tons, down 3.4% [2] Pricing and Costs - The average selling price of coal for Q1-Q3 2024 was 1,115 yuan per ton, down 7.0% year-on-year, while the cost was 557 yuan per ton, down 10.8% [2] - In Q3 2024, the coal selling price was 1,053 yuan per ton, up 2.7% year-on-year, but down 5.3% from the previous quarter [2] Product Performance - In Q3 2024, the company produced 95,000 tons of coke, down 4.4% year-on-year, with a selling price of 1,843 yuan per ton, down 8.4% [3] - Methanol production increased by 16.1% year-on-year to 126,000 tons, while ethanol production was 148,000 tons, contributing positively to performance [3] Future Growth - The company is expanding its production capabilities with new projects, including a 2×660MW supercritical power generation unit and several non-coal mines expected to be operational by the end of 2024 [3] - Forecasted net profits for 2024 to 2026 are 5.3 billion yuan, 5.97 billion yuan, and 6.5 billion yuan, respectively, with corresponding P/E ratios of 7.8X, 7.0X, and 6.4X [3][4]