BGE(603588) 国泰君安·2024-06-05 12:01Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company is expected to see a turning point in its fundamentals, with improvements in resource utilization business operations [5]. - The company plans to transfer 5.9961% of its stake in Yuhua Tian to enhance asset liquidity and focus on core business development [6]. - The projected net profits for 2024, 2025, and 2026 are estimated at 908 million, 997 million, and 1.084 billion respectively, with corresponding EPS of 0.59, 0.65, and 0.71 [6]. Summary by Sections - Company Events: The company announced that its wholly-owned subsidiary, Tibet High Energy, intends to transfer 5.9961% of its stake in Yuhua Tian to a natural person for a total consideration of 256 million yuan at a price of 10.696 yuan per share [6][13]. - Operational Improvements: The company has completed the optimization of its main resource utilization projects and anticipates profit release in 2024. Key projects include the completion of technical upgrades at Jiangxi Xinke and successful operations at Chongqing Yaohui [6]. - Cash Flow: The company's cash flow from operating activities has shown signs of improvement, with a net cash flow of -953 million yuan in 2023, but is expected to recover as production capacity at Jiangxi Xinke is gradually released [6].