WTECL(600157) 民生证券·2024-10-30 08:45Investment Rating - The report maintains a "Cautious Recommendation" rating for Yongtai Energy [1][3] Core Views - The company's net profit for the first three quarters of 2024 is 1.464 billion yuan, a year-on-year decrease of 9.85%, while operating revenue is 22.375 billion yuan, an increase of 1.8% year-on-year [1] - The coal business has seen a decline in profit due to price impacts, with a gross profit of 1.046 billion yuan in Q3 2024, down 27.81% year-on-year [1] - The power business has shown significant improvement, with operating revenue of 13.906 billion yuan in the first three quarters of 2024, up 11.24% year-on-year, and a gross profit of 2.1 billion yuan, up 79.86% year-on-year [1] - The company plans to expand coal production capacity, with the Haizetang coal mine expected to start production in June 2026, potentially adding 9 billion yuan in annual revenue and 4.4 billion yuan in net profit [1] Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.863 billion yuan, a year-on-year decrease of 1.68% and a quarter-on-quarter increase of 9.34% [1] - The net profit for Q3 2024 is 274 million yuan, down 55.1% year-on-year and down 62.04% quarter-on-quarter [1] - The coal production volume in Q3 2024 is 3.9438 million tons, up 12.97% year-on-year, with a sales volume of 4.0058 million tons, up 14.16% year-on-year [1] Business Segments - The coal business's average selling price per ton is 582.29 yuan, down 25.93% year-on-year, while the cost per ton is 321.2 yuan, down 13.95% year-on-year [1] - The power business's gross profit for Q3 2024 is 739 million yuan, up 12.13% year-on-year, with a total power generation of 131.24 billion kWh, up 7.98% year-on-year [1] Future Outlook - The company forecasts net profits for 2024-2026 to be 1.766 billion yuan, 1.955 billion yuan, and 2.309 billion yuan respectively, with corresponding EPS of 0.08, 0.09, and 0.10 yuan per share [1] - The projected PE ratios for 2024, 2025, and 2026 are 17, 15, and 13 times respectively based on the stock price as of October 29, 2024 [1]