JXGNCL(000899) 广发证券·2024-08-20 01:40Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 8.11 CNY and a target value of 11.24 CNY [2]. Core Insights - The company achieved a net profit of 339 million CNY in the first half of 2024, representing a year-on-year increase of 150.7%, despite a revenue decline of 10% to 3.078 billion CNY due to a 10% drop in electricity generation [1][2]. - The improvement in profitability is attributed to lower coal costs and increased investment income, with operating cash flow rising by 119% to 570 million CNY [1]. - The company is expected to enhance its installed capacity by nearly 60% by 2025 through clean coal power projects in collaboration with Shaanxi Coal and Chemical Industry Group [1]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 3.078 billion CNY, down 10% year-on-year, while net profit reached 339 million CNY, up 150.7% [1]. - The gross profit margins for Q1 and Q2 were 15.1% and 16.2%, respectively, benefiting from reduced coal prices [1]. - The company’s cash flow from operations was 570 million CNY, a 119% increase year-on-year, while investment cash outflow was 1.72 billion CNY, up 74% [1]. Electricity Generation - The company generated 6.946 billion kWh of electricity in H1 2024, a decrease of 9.84% year-on-year, with thermal power generation down 12.2% and solar power generation increasing by 140% [1]. - The overall electricity consumption in Jiangxi province grew by 7.4%, but industrial power generation fell by 3.3% [1]. Future Outlook - The company plans to increase its thermal power capacity to 5.4 GW by 2025, a 58.8% increase from current levels, following the commencement of construction on two clean coal units [1]. - Profit forecasts for 2024, 2025, and 2026 are 731 million CNY, 796 million CNY, and 1.089 billion CNY, respectively, with corresponding P/E ratios of 10.82, 9.94, and 7.26 [1][4].