2024Q3 公司实现营业收入406.90 亿元，同比增长10.66%，环比减少8.12%；归母净利润53.87 亿元，同比增长17.10%，环比减少8.75%；扣非归母净利润51.66 亿元，同比减少3.69%，环比减少11.36%。The Shaanxi Coal Industry released the 2024 three-quarter report on October 29, 2024:
In the first three quarters of 2024, the company achieved operating income of 125.427 billion yuan, a year-on-year decrease of 1.57%; net profit to mother was 159.
4.3 billion yuan, a year-on-year decrease of 1.46%; net profit after deducting non-attributable net profit of 16.349 billion yuan, a year-on-year decrease of 13.94%; net cash flow from operating activities was 34.737 billion yuan, an increase of 22.01% year on year. Basic earnings per share were 1.64 yuan, down 1.75% year on year; weighted average ROE was 16.92%, up 2.05 percentage points year over year.
2024Q3 achieved operating income of 40.69 billion yuan, a year-on-year increase of 10.66% and a decrease of 8.12%; net profit to mother of 5.387 billion yuan, an increase of 17.10% year-on-year and a decrease of 8.75% month-on-month; net profit after deducting non-return to mother of 5.166 billion yuan, a decrease of 3.69% year-on-year and 11.36% month-on-month.
Q3 Self-produced coal maintained an upward trend, and trade coal sales declined month-on-month. In the first three quarters of 2024, coal production was 127.774 million tons, up 2.82% year on year; self-produced coal sales were 125.984 million tons, up 2.38% year on year; trade coal sales were 69.965 million tons, up 10.36% year on year. 2024Q3 coal production was 41.367 million tons (+2.91% YoY, -7.97%); self-produced coal sales were 42.599 million tons (+5.83% YoY, +0.29%); trade coal sales were 21.801 million tons (+23.88% YoY, -21.03% YoY).
In Q3, coal prices increased year on year, and costs fell year on year in the first three quarters. The price of coal in the first three quarters of 2024 was 618.3 yuan/ton, down 6.24% year on year; unit sales cost was 403.7 yuan/ton, down 2.51% year on year; unit gross profit was 214.7 yuan/ton, down 12.55% year on year. The sales price of 2024Q3 per unit coal was 706.9 yuan/ton, up 3.33% year on year, up 22.95% from 575.0 yuan/ton in the first half of 2024.
The share increase plan was completed, and the controlling shareholders' shareholding ratio increased to 65.25%. On October 29, 2024, Shaanxi Coal Industry issued an announcement announcing that the controlling shareholder, Shaanxi Coal Chemical Group Co., Ltd. has completed its share increase plan. This time, it has achieved a cumulative increase of 0.121 billion shares, accounting for 0.125% of the company's total issued share capital. The cumulative increase in holdings reached 0.27 billion yuan. The shareholders' shareholders' shareholding ratio increased from 65.12% to 65.25%. This increase in holdings fully reflects shareholders' confidence in the company's operations and future investment value.
Trust product losses decreased year over year, and profit and loss from changes in fair value in Q3 decreased sharply year over year. The loss of fair value change in the first three quarters of the Shaanxi coal industry in 2024 was -0.453 billion yuan, a year-on-year decrease of 3.279 billion yuan, mainly due to a year-on-year decrease in trust product losses. The profit from the change in fair value of 2024Q3 was 0.188 billion yuan. It continued to be profitable and achieved a year-on-year decrease of 1.26 billion yuan.
Profit forecast, valuation and investment rating: The company's 2024-2026 revenue is estimated to be 185.391, 189.315, and 191.293 billion yuan, respectively, and realized net profit of 22.157, 24.507, and 25.332 billion yuan, respectively. Earnings per share are 2.29, 2.53, and 2.61 yuan, respectively. The current stock price is 25.00 yuan. The corresponding PE is 10.9X/9.9X/9.6X, maintaining the “buy” rating.
Risk warning: Limited release of coal mine production capacity, sharp drop in coal prices, risk of financial budget overspending, risk of loss of equity investment.
