Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of 43.2 HKD [3][11]. Core Insights - The company reported a stable operational performance in Q2 2024, with an average coal price of 181 AUD/ton, remaining relatively flat quarter-on-quarter. The total coal sales volume reached 8.6 million tons, a 3% increase from the previous quarter [1][2]. - The company is expected to maintain a balanced coal price throughout the year, with a cash operating cost guidance of 89-97 AUD/ton, indicating strong profit margins [1][9]. - The dividend policy is attractive, with a commitment to distribute at least 50% of net profit or free cash flow, excluding non-recurring items [1][10]. Financial Performance Summary - Revenue for 2024 is projected at 7,231 million AUD, a decrease of 7% from 2023, while net profit is expected to be 1,380 million AUD, down 24.1% [2][10]. - The earnings per share (EPS) forecast for 2024 and 2025 is 1.05 AUD and 1.19 AUD, respectively [1][10]. - The company maintains a competitive advantage in the Australian coal industry with a strong cash position of 1.55 billion AUD as of June 30, 2024 [1][9]. Production and Sales Outlook - The total coal production guidance for the year remains unchanged at 35-39 million tons, with expectations for recovery in output from the Hunter Valley and Morabbin mines in the second half of the year [1][8]. - The average coal price is expected to stabilize, with the metallurgical coal market also showing signs of balance [1][8]. Cost Structure and Profitability - The cash operating cost is projected to remain at the lower end of the guidance, indicating robust profitability [1][9]. - The company has a competitive edge in terms of cost structure, with no interest-bearing debt and a significant cash reserve [1][9].
兖煤澳大利亚：二季度符合预期