平煤股份：公司2024年中报点评报告：精煤战略叠加煤矿复产，高股息和股东增持凸显价值

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's strategy of focusing on premium coal, combined with the resumption of coal mining operations, highlights its value through high dividends and shareholder buybacks [5] - The company reported a revenue of 16.25 billion yuan for H1 2024, a year-on-year increase of 1.78%, but a net profit of 1.39 billion yuan, down 37.66% year-on-year, indicating pressure from falling coal prices [5] - The company is expected to benefit from increased demand in the short term and economic recovery in the medium term, with a projected net profit of 3.08 billion yuan for 2024, down 23.1% year-on-year [5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 16.25 billion yuan, a year-on-year increase of 1.78%, and a net profit of 1.39 billion yuan, a decrease of 37.66% year-on-year [5] - The company’s coal production in H1 2024 was 14.21 million tons, down 7.56% year-on-year, with sales of 13.49 million tons, down 13.2% year-on-year [5] - The average selling price of the company's coal in H1 2024 was 1,087 yuan per ton, an increase of 9.3% year-on-year [5] Strategic Developments - The resumption of operations at the Shiyi Mine is expected to boost coal production in Q2 2024, with production reaching 7.58 million tons, a quarter-on-quarter increase of 14.4% [5] - The company is implementing a premium coal strategy to improve the coal product mix and increase selling prices [5] - Shareholder confidence is demonstrated by the controlling shareholder's plan to increase holdings by 300 to 600 million yuan, representing up to 2% of the total share capital [5] Dividend and Growth Potential - The company announced a cash dividend of 0.99 yuan per share for 2023, totaling 2.425 billion yuan, which represents 60.59% of the distributable net profit [5] - The projected dividend yield for 2024 is 8.2%, indicating strong long-term investment value [5]