HYMD(SH:600971) Great Wall Securities·2024-08-23 06:08Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The coal business volume has increased, but prices have declined, leading to a focus on the company's coal-electricity integration strategy [1][3] - The company reported a decrease in revenue and net profit for the first half of 2024, with revenue of 3.893 billion yuan, down 8.13% year-on-year, and a net profit of 758 million yuan, down 32.14% year-on-year [1][2] - The average selling price of coal decreased by 9.21% year-on-year to 954.53 yuan/ton in the first half of 2024, while the average cost increased by 2.40% to 558.10 yuan/ton [3] Financial Summary - Revenue for 2022 was 8,393 million yuan, with a year-on-year growth rate of 24.4%. In 2023, revenue decreased to 7,786 million yuan, a decline of 7.2%. Forecasts for 2024, 2025, and 2026 are 7,503 million yuan, 7,714 million yuan, and 8,085 million yuan respectively [1][10] - Net profit for 2022 was 2,527 million yuan, with a year-on-year growth rate of 82.2%. In 2023, net profit decreased to 2,036 million yuan, down 19.4%. Forecasts for 2024, 2025, and 2026 are 1,628 million yuan, 1,664 million yuan, and 1,736 million yuan respectively [1][10] - The company's return on equity (ROE) was 19.0% in 2022, decreasing to 16.0% in 2023, with forecasts of 12.2%, 11.7%, and 11.6% for the following years [1][11] Operational Performance - In the first half of 2024, the company produced 3.8475 million tons of coal, an increase of 6.98% year-on-year, and sold 3.8815 million tons, an increase of 2.36% year-on-year [3] - The gross profit margin for the coal business in the first half of 2024 was 41.53%, down 6.63 percentage points year-on-year [3] - The company plans to increase registered capital by 120 million yuan for its power sales business, indicating ongoing investments in renewable energy projects [6]