Investment Rating - The report assigns a "Buy" rating for the company [2] Core Views - The company is a leading coal-electricity integrated enterprise in Shaanxi Province, benefiting from a high dividend yield of over 50% and strong growth potential in both coal and electricity sectors. The company is expected to achieve a net profit of 2.96 billion, 3.32 billion, and 3.72 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.7%, 12.2%, and 11.9% [6][10] Summary by Sections Company Overview - The company, established in September 2003 and restructured in September 2019, is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with over 80% state-owned background. It operates in coal mining, thermal power generation, and comprehensive utilization, positioning itself as a leading energy enterprise in the region [15][16] Coal Business - The company has a coal production capacity of 30 million tons per year, with 24 million tons currently in operation. The Zhao Shipan coal mine, with a capacity of 6 million tons per year, is expected to commence operations in November 2025. The company is also pursuing additional mining projects to potentially double its production capacity to 48 million tons per year [7][39] - The company has significantly increased its internal coal sales, which rose from 1.25 million tons in 2018 to 12.31 million tons in 2023, accounting for 68.2% of total sales. This strategy supports its own power plants with low-cost fuel [43][52] Electricity Business - The electricity segment is experiencing rapid growth, with an installed capacity of 11,230 MW and an additional 6,020 MW under construction. The company plans to increase its capacity by over 50% by 2026, with a significant portion of its electricity being consumed outside the province [8][29] - The company benefits from a coal-electricity integration model, which allows it to maintain lower electricity generation costs compared to its peers. The proportion of self-sourced coal for internal use is expected to rise to 88.1% by 2027, enhancing profitability and stability [8][38] Financial Summary and Valuation Indicators - The company reported a revenue of 20.29 billion yuan in 2022, with projections of 22.88 billion yuan in 2024 and 24.44 billion yuan in 2026. The net profit is expected to grow from 2.56 billion yuan in 2023 to 3.72 billion yuan in 2026, reflecting a strong financial outlook [10][18]
陕西能源：公司首次覆盖报告：高度煤电一体化布局，煤炭和电力比翼高成长-20250225