Gelonghui, April 25 | According to Guotai Junan Research Report, China Coal Energy (601898.SH) achieved revenue of 45.395 billion yuan (-23.3%) and net profit of 4.970 billion yuan (-30.5%) in the first quarter, in line with market expectations. Sales in the coal business declined slightly in 24Q1, and the period of maximum downward pressure on prices compared to the previous year may have passed. Looking ahead to the second quarter, the average price of the 23Q2 company has fallen back to 595 yuan/ton, which is basically the same as the 24Q1 price, while the price of thermal coal has bottomed out in mid-April. It is estimated that the bottom of the price of 800 yuan/ton has been proven, up from about 770 yuan/ton at the beginning of June '23. It is judged that the company's performance is expected to remain flat or decline slightly in the second quarter. The bank maintains the company's “increase in holdings” rating and target price of 15.12 yuan.
研报掘金丨国泰君安：中煤能源Q1业绩符合预期，压力最大时刻已过
Research Report | Guotai Junan: China Coal Energy's Q1 performance is in line with expectations, and the moment of maximum pressure has passed
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