XINJI ENERGY(601918) 开源证券·2024-08-01 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company has shown stable performance in H1 2024, with coal and electricity integration accelerating. The report anticipates positive developments in both coal and electricity sectors in H2 2024 [4]. - The company is expected to benefit from a favorable coal price environment and increased electricity demand during peak usage periods, alongside the contribution from new power plants coming online [4]. - The report has revised the profit forecast for 2024 upwards, projecting a net profit of 25.1 billion yuan, reflecting a year-on-year growth of 19.0% [4]. Financial Summary - In H1 2024, the company achieved revenue of 5.985 billion yuan, a decrease of 4.40% year-on-year, and a net profit of 1.176 billion yuan, down 10.11% year-on-year [4]. - The average selling price of coal in H1 2024 was 564 yuan/ton, an increase of 4.9% year-on-year, attributed to improved coal quality [4]. - The company’s coal production in H1 2024 was 10.379 million tons, a decrease of 7.65% year-on-year, while electricity generation increased by 12.41% year-on-year to 4.61 billion kWh [4]. Future Outlook - The company is actively advancing its coal-electricity integration strategy, with several new power plants under construction expected to enhance profitability and stability [4]. - The report highlights the potential for increased dividends in the future as the company transitions out of its capital expenditure phase, supported by stable earnings and high return on equity (ROE) [4].