Western Mining(601168) 天风证券·2024-11-06 08:10Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company reported a revenue of 36.725 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders was 2.732 billion yuan, up 24.33% year-on-year [1]. - The third quarter of 2024 saw a revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, but a quarter-on-quarter decrease of 16.11%. The net profit for this quarter was 1.112 billion yuan, reflecting a significant year-on-year growth of 60.9% and a quarter-on-quarter increase of 25.81% [1][2]. - The company is expected to see net profits of 3.9 billion yuan, 4.3 billion yuan, and 4.826 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 10, and 9 times [3][4]. Financial Data Summary - For 2024, the company is projected to achieve a revenue of 45.813 billion yuan, with a growth rate of 7.17% [3]. - The EBITDA for 2024 is estimated at 9.527 billion yuan, with a net profit of 3.906 billion yuan, indicating a growth rate of 40.03% [3]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.64 yuan, with a P/E ratio of 11.29 [3]. - The total assets are expected to reach 57.978 billion yuan by 2024, with total liabilities of 34.680 billion yuan, resulting in an asset-liability ratio of approximately 59.9% [8][10].