Tianfeng's research report pointed out that Shaanxi Energy (001286.SZ) is the leader in Shaanxi Province's "coal-electricity integration", and its performance continues to improve. As of July 24th, 24, the company has approved coal-fired installed capacity of 17.25 million kilowatts, with in-service capacity of 11.23 million kilowatts; as of May 24, it has designated coal production capacity of 30 million tons/year, with production of 24 million tons/year and under construction 6 million tons/year. The company's operating cash flow has significantly improved after asset investment, and has been relatively stable in recent years. Calculated by gross profit proportion, the company's profit from thermal power and electricity generation is close to 6 points. Looking ahead for the next three years, the company's ongoing assets will continue to be put into production. The bank calculated the company's target market cap to be 52.631 billion yuan, corresponding to a target price of 14.04 yuan/share, corresponding to a PE ratio of 17.50 times in 2024, with a potential upside of 40.91% (as of October 15, 2024).