Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.94 CNY over the next six months [7][10]. Core Insights - The company reported a revenue of 10.574 billion CNY for the first half of 2024, representing a year-on-year growth of 14.36%. The net profit attributable to shareholders was 1.541 billion CNY, up 16.7% year-on-year [4][10]. - The electricity segment saw a revenue increase to 8.018 billion CNY, a 12.67% rise year-on-year, driven by the commissioning of the new 1 million kW unit [4][10]. - The coal segment's revenue reached 2.19 billion CNY, marking a 22.49% increase year-on-year, supported by the production capacity enhancement from the new mine [4][10]. Summary by Sections Electricity Segment - The company achieved a total electricity generation of 24.099 billion kWh in the first half of 2024, a 12.58% increase compared to the same period last year. The average on-grid electricity price was 0.3519 CNY/kWh, showing a slight decrease [4][10]. - The commissioning of the new 6th unit at the Qing Shui Chuan Phase III project is expected to accelerate electricity generation growth in the second half of 2024 [4][10]. Coal Segment - The company’s coal production reached 11.6538 million tons, a 3.35% increase year-on-year. The external sales volume of self-produced coal surged to 3.8064 million tons, up 62.41% year-on-year [4][10]. - The coal segment's gross margin improved to 64.44%, an increase of 3.26 percentage points year-on-year, despite a decrease in coal prices [4][10]. Future Growth Prospects - The company has a robust project pipeline, with ongoing and planned projects expected to contribute to revenue growth from 2024 to 2026. The projected revenues for these years are 22.815 billion CNY, 25.544 billion CNY, and 27.992 billion CNY, respectively [10][11]. - The company’s cash flow remains strong, with net cash flow from operating activities reaching 4.15 billion CNY in the first half of 2024, a 7.39% increase year-on-year [10][11].
陕西能源：公司快报：新项目投产+煤炭外销优化，上半年业绩稳增