Shanxi Coking Coal Energy (000983) 开源证券·2024-10-30 12:46Investment Rating - The investment rating for Shanxi Coking Coal (000983.SZ) is maintained at "Buy" [1] Core Views - The report indicates that the decline in coal prices may negatively impact the company's performance, but there are growth prospects in coal mining and high dividend returns [1][2] - For the first three quarters of 2024, the company achieved operating revenue of 33.09 billion yuan, a year-on-year decrease of 18.7%, and a net profit attributable to shareholders of 2.85 billion yuan, down 49.5% year-on-year [1][2] - The report forecasts a decrease in net profit for 2024-2026, estimating 3.87 billion yuan, 4.21 billion yuan, and 4.88 billion yuan respectively, with corresponding EPS of 0.68 yuan, 0.74 yuan, and 0.86 yuan [1][2] Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 11.52 billion yuan, a quarter-on-quarter increase of 4.6%, but a net profit decrease of 13.4% [1] - The company’s coal production and sales are expected to improve, despite a temporary production halt due to safety incidents [1][2] Coal Business - The company’s coking coal long-term sales price remained stable at 2010 yuan/ton in Q3, but a price adjustment in September may lead to a decrease in average selling price [1][2] - The report highlights that the company has secured exploration rights for a new coal mine with a planned capacity of 8 million tons per year, which is expected to enhance production capacity [1][2] Dividend Policy - The company distributed a cash dividend of 0.8 yuan per share in 2023, with a payout ratio of 67.1%, and plans to maintain high dividend returns in the future [1][2]