广汇能源：煤炭产销如期放量，业绩增长可期

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][5] Core Views - The company's coal production and sales are expected to increase significantly, leading to improved performance in the fourth quarter [5] - The company has adjusted its sales strategy for LNG, resulting in a notable decrease in sales volume [2] - The report anticipates a substantial year-on-year increase in coal sales volume for 2024, projecting a total of approximately 43.73 million tons, which represents a nearly 169% increase [2] Summary by Relevant Sections Market Performance - In November 2024, the company achieved coal sales of 6.1383 million tons, a year-on-year increase of 111.92% and a month-on-month increase of 3.23% [2] - The company’s self-produced LNG output reached 45,400 tons, up 56.01% year-on-year [2] Financial Projections - The report projects the company's EPS for 2024, 2025, and 2026 to be 0.69, 0.95, and 1.17 yuan respectively, with corresponding dynamic P/E ratios of 10.5, 7.6, and 6.2 times [5] - The company’s total revenue for 2024 is estimated at 58.227 billion yuan, reflecting a year-on-year decrease of 5.3% [6] Cost and Profitability - The report indicates that as production capacity ramps up, the cost of coal extraction is expected to decrease, which will help offset the decline in coal prices [2] - The gross profit margin for the coal segment is anticipated to improve due to increased production and sales scale [2]