share_log

【券商聚焦】第一上海予兖矿能源(01171)买入评级 预计公司全年煤化工项目将实现扭亏为盈

[Brokerage Focus] First Shanghai initiates a buy rating on Yankuang Energy (01171), expecting the company's full-year coal chemical projects to turn losses into profits.

Jingu Wealth Newsletter ·  Nov 5 15:49  · Ratings

Jingu Financial News | First Shanghai issued a research report, Yankuang Energy (01171) achieved revenue of 106.6 billion yuan in the first three quarters, a year-on-year increase of 21.5%; achieved net income attributable to the mother of 11.4 billion yuan, a year-on-year decrease of 27%; adjusted non-recurring net income attributable to the mother was 110.5 billion yuan, a year-on-year decrease of 22.5%. In the third quarter Q3 alone, it achieved 34.32 billion yuan, a quarter-on-quarter decrease of -15.5% / +5%; net profit attributable to the mother was 3.84 billion yuan, a quarter-on-quarter decrease of -15.63% / +0.7%. The slight increase in net profit in the quarter was mainly due to the average price of 5500K coal in the Qinhuangdao market in Q3 at 852.5 yuan/ton, which remained flat compared to Q2. The company's performance meets market expectations.

The bank pointed out that the coal chemical business performed well in the first three quarters, with the company achieving revenue of 18.7 billion yuan, a year-on-year decrease of -5%; gross profit was 3.9 billion yuan, a year-on-year increase of 0.6%; gross margin was 21%, with the gross margin increase mainly benefiting from a significant decrease in coal as raw material compared to the previous year; in terms of production and sales, the company's production in the first three quarters was 6.36 million tons, a year-on-year decrease of -2.2%; sales volume was 5.7 million tons, a year-on-year decrease of -3.4%. The sector as a whole turned losses into profits. As for Q3, the company's production was 2.17 million tons, an increase of 7.8% compared to the previous quarter; sales volume was 1.95 million tons, an increase of 4.5% compared to the previous quarter, with a gross profit of 1.5 billion yuan, an increase of 13.9% compared to the previous quarter. The profit situation in Q3 is stable, and it is expected that the company's full-year coal chemical projects will continue to achieve a slight profit, turning losses into profits.

The bank stated that it is expected that coal prices will remain stable in the next three years, and the company's profit will grow due to the increase in coal and coal chemical production. Therefore, the adjusted net income attributable to the mother for 2024/2025/2026 is expected to be 15.35/17.66/19.38 billion yuan respectively; EPS is expected to be 1.53/1.76/1.93 yuan respectively. In terms of valuation, the company is rated a 8 times PE based on the industry average net income for 2025, with a buy rating given to the company and a target price of 15.4 Hong Kong dollars, representing a 52.4% increase over the current stock price.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment