GLONGHUI, May 9 | CITIC Securities released a research report. China Coal Energy's performance in the first quarter of 2024 fell by more than 30%, mainly affected by falling coal prices in the industry, but due to falling coal costs in the chemical sector, chemical gross margin improved slightly year by year. The bank indicates that China Coal's coal production is still expected to increase in the future, that construction of new projects such as coal chemicals and power businesses is progressing steadily, and that the company's profits can be expected to grow steadily. Coupled with the catalytic market value management assessment policy of central enterprises, the bank believes that there is room for further improvement in the company's valuation, set its target price for H shares at HK$10, and maintain a “buy” rating. CITIC Securities maintained its earnings per share forecast for China Coal from 2024 to 2026 at $1.51, $1.49, and $1.55.
研报掘金｜中信证券：维持中煤能源“买入”评级 估值拥有进一步提升空间
Research and Development | CITIC Securities: Maintaining China Coal Energy's “Buy” Rating Valuation Has Room for Further Improvement
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