GUANGHUI ENERGY(600256) 长城证券·2024-05-08 23:32Investment Rating - The report maintains a "Buy" rating for Guanghui Energy, expecting the stock price to outperform the industry index by over 15% in the next six months [12]. Core Views - The report highlights the improvement in energy prices and the potential for capacity growth within the company. It emphasizes the company's strong coal resources, steady development in natural gas business, and cost advantages in coal chemical operations [5][8]. Financial Summary - Revenue: The company reported revenues of 59,409 million in 2022, with a slight increase to 61,475 million in 2023, and projected revenues of 72,898 million in 2024, 78,711 million in 2025, and 84,517 million in 2026, reflecting a growth rate of 18.6% in 2024 [1][6]. - Net Profit: The net profit attributable to shareholders was 11,337 million in 2022, dropping to 5,173 million in 2023, with projections of 6,674 million in 2024, 7,079 million in 2025, and 8,000 million in 2026, indicating a recovery with a growth rate of 29.0% in 2024 [1][6]. - EPS: The earnings per share (EPS) were 1.73 in 2022, decreasing to 0.79 in 2023, with forecasts of 1.02 in 2024, 1.08 in 2025, and 1.22 in 2026 [1][7]. - ROE: The return on equity (ROE) is projected to improve from 17.4% in 2023 to 20.7% in 2024 [1][7]. Operational Insights - Natural Gas Production: In Q1 2024, the company produced 1.88 billion cubic meters of natural gas, a decrease of 4.61% year-on-year, with sales down by 44.12% to 11.82 billion cubic meters [2]. - Coal Production: The coal production in Q1 2024 was 5.89 million tons, down 12.96% year-on-year, while coal sales increased by 1.97% to 9.01 million tons [2]. - Coal Chemical Products: The production of methanol was 28.8 million tons in Q1 2024, a decline of 3.65% year-on-year, with sales down by 45.52% [2]. Future Projections - The report forecasts that Guanghui Energy will achieve revenues of 728.98 billion, 787.11 billion, and 845.17 billion from 2024 to 2026, with net profits of 66.74 billion, 70.79 billion, and 80.00 billion respectively [5][8].