Shanxi Coking Coal Energy (000983) 民生证券·2024-10-30 06:40Investment Rating - The report maintains a "Recommended" rating for Shanxi Coking Coal (000983.SZ) [1][3] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 is 2.846 billion yuan, a year-on-year decrease of 49.52%, with operating revenue of 33.093 billion yuan, down 18.68% year-on-year [1] - In Q3 2024, the company achieved operating revenue of 11.523 billion yuan, a year-on-year decline of 12.28%, and a quarter-on-quarter increase of 4.58%, with a net profit of 880 million yuan, down 21.54% year-on-year and 13.42% quarter-on-quarter [1] - The company won exploration rights for coal and associated bauxite in the Xinxian block, which is beneficial for long-term development, with coal reserves of 95.2775 million tons and bauxite reserves of 5.56123 million tons [1] - The company has maintained a high dividend payout ratio since 2021, with cash dividend payout ratios of 78.67%, 63.54%, and 67.07% from 2021 to 2023, indicating high investment value [1] - The projected net profits for 2024-2026 are 3.474 billion yuan, 3.593 billion yuan, and 3.885 billion yuan, with corresponding EPS of 0.61 yuan, 0.63 yuan, and 0.68 yuan per share, leading to PE ratios of 14, 13, and 12 times respectively [1][2] Financial Summary - For 2024, the expected operating revenue is 48.792 billion yuan, a decrease of 12.1% compared to 2023, with a projected net profit of 3.474 billion yuan, down 48.7% year-on-year [2][4] - The company's gross profit margin for Q3 2024 is 33.29%, a decrease of 1.59 percentage points year-on-year and 0.78 percentage points quarter-on-quarter [1] - The total expenses for Q3 2024 are 1.663 billion yuan, a year-on-year decrease of 24.48% but an increase of 15.44% quarter-on-quarter [1]