Shanxi Coking Coal Energy (000983) 信达证券·2024-10-30 07:46Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company's performance is under short-term pressure, but growth prospects for Shanxi Coking Coal are promising due to its strong resource advantages and strategic initiatives [1]. - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 33.093 billion and a net profit attributable to shareholders of 2.846 billion, representing year-on-year decreases of 18.68% and 49.52%, respectively [1]. - The company is expected to benefit from its strategic "three-step" plan aimed at enhancing its coal business and pursuing mergers and acquisitions to improve market position and competitiveness [1][2]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 11.523 billion, down 12.28% year-on-year, but up 4.58% quarter-on-quarter [1]. - The net profit attributable to shareholders for the third quarter was 0.880 billion, a decrease of 21.54% year-on-year and 13.42% quarter-on-quarter [1]. - The company's cash flow from operating activities also saw a significant decline, down 71.13% year-on-year [1]. Future Earnings Forecast - The forecasted net profit attributable to shareholders for 2024-2026 is expected to be 3.743 billion, 4.668 billion, and 5.688 billion, respectively, with corresponding EPS of 0.66, 0.82, and 1.00 yuan per share [2]. - The projected P/E ratios for 2024-2026 are 12.79, 10.25, and 8.41 times, indicating a favorable outlook for the company's growth potential [2].