On October 24th, Ge Lenghui! Minsheng Securities research report pointed out that china coal energy (601898.SH) achieved a slight year-on-year decrease and a slight increase quarter-on-quarter in net income in Q3 24, high stability may bring about a valuation rebound. Although the performance of the coal chemical business in Q3 24 quarter-on-quarter was slightly dragged down, on the one hand, the company's coal business steadily grew quarter-on-quarter under the guarantee of high, long-term agreements; on the other hand, the company's net investment income was 6.6% higher at 0.66 billion yuan quarter-on-quarter, with a tax rate of 20.4%, down 2.8 percentage points quarter-on-quarter, thus the company's performance achieved a quarter-on-quarter increase. The company's core coal business has both internal and external scalability, coupled with the characteristics of high, long-term agreements to ensure profit steadily rises; and the synergistic model of coal and chemical integration contributes to higher valuation. Maintaining a "recommended" rating.