YANKUANG ENERGY(600188) 上海证券·2024-11-01 12:15Investment Rating - The investment rating for the company is "Buy" (maintained) [3][16]. Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with total revenue of 106.63 billion yuan, down 21.50% year-on-year, and net profit attributable to shareholders of 11.41 billion yuan, down 26.98% year-on-year. The decrease in profit is primarily attributed to falling prices of coal and other main products [3]. - The coal business showed steady growth in production and sales, with coal production reaching 105.81 million tons, an increase of 8.8% year-on-year, and sales of 102.59 million tons, up 3.5% year-on-year. However, the average selling price of coal decreased by 18.7% year-on-year [4]. - The company is expanding into multiple fields, including high-end chemical materials, new energy, high-end equipment manufacturing, and smart logistics, indicating a broad growth potential for the future [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 34.32 billion yuan, a year-on-year decrease of 15.46% but a quarter-on-quarter increase of 5.03%. The net profit for the same period was 3.84 billion yuan, down 15.63% year-on-year but up 0.66% quarter-on-quarter [3]. - The coal business's sales cost for the first three quarters of 2024 was 38.90 billion yuan, a decrease of 5.21 billion yuan year-on-year, with a comprehensive sales cost of 379 yuan per ton, up 11.6% year-on-year [4]. Business Expansion - The company announced an investment of 9.574 billion yuan to build an 800,000-ton olefin project, further enhancing its coal chemical business. Additionally, it has made acquisitions in high-end equipment manufacturing and smart logistics, indicating a strategic focus on diversified growth [5]. - The company forecasts net profits attributable to shareholders for 2024-2026 to be 14.82 billion yuan, 18.69 billion yuan, and 21.00 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.86 yuan, and 2.09 yuan [5].