山西焦煤：季报点评：费用增加拖累业绩，焦煤龙头成长可期

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a net profit of 2.846 billion yuan for the first three quarters of 2024, a year-on-year decrease of 49.52%. In Q3 2024, the net profit was 880 million yuan, down 13.42% quarter-on-quarter and 21.54% year-on-year, primarily due to an increase in expenses and rising coal costs [1][2]. - The company possesses high-quality coal resources with abundant reserves and stable geological structures. As of the end of 2023, the company owned 17 mines with a total coal resource reserve of 6.557 billion tons [1][2]. - The company has a high dividend payout ratio, with ratios of 79%, 64%, and 67% from 2021 to 2023, indicating strong allocation value [1]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 4.3 billion yuan, 4.5 billion yuan, and 4.8 billion yuan, respectively, with corresponding P/E ratios of 11.2, 10.6, and 10.0 [2][3]. - Revenue for 2024 is expected to be 4.817 billion yuan, a decrease of 13.2% year-on-year, with a projected net profit of 4.291 billion yuan, down 36.6% year-on-year [3][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 0.76 yuan, with a return on equity (ROE) of 10.9% [3][10].