潞安环能：2024年中报点评：产量回落和资源税上调等影响半年度业绩

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was significantly impacted by a decrease in coal production and sales, a drop in coal prices, and an increase in resource tax rates, leading to a substantial decline in revenue and net profit [4][5] - Despite the challenges, the company has managed to maintain a relatively low valuation, which presents a potential investment opportunity given its strong market position in the coal sector [5][6] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 17.654 billion yuan, a year-on-year decrease of 19.33%, and a net profit attributable to shareholders of 2.227 billion yuan, down 57.96% [4] - The second quarter of 2024 saw a slight recovery with operating revenue of 8.99 billion yuan, a quarter-on-quarter increase of 3.9%, but a year-on-year decrease of 10% [4] - The company's coal production for the first half of 2024 was 27.67 million tons, a year-on-year decrease of 6.3%, while coal sales were 24.55 million tons, down 9.5% [5] Production and Cost Analysis - The average selling price of coal in the first half of 2024 was 683 yuan per ton, a year-on-year decrease of 11.6%, while the average cost was 371 yuan per ton, an increase of 10.1% [5] - The gross profit per ton of coal was 312 yuan, reflecting a year-on-year decline of 28.4% [5] Future Earnings Forecast - The company is projected to have operating revenues of 36.825 billion yuan, 38.256 billion yuan, and 39.741 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year decrease of 15% in 2024 followed by a growth of 4% in the subsequent years [8] - Net profit attributable to shareholders is expected to be 4.519 billion yuan in 2024, down 43% from the previous year, with a gradual recovery anticipated in 2025 and 2026 [8] Resource Acquisition - The company successfully acquired a coal exploration right for 12.126 billion yuan, which is expected to enhance its resource reserves by approximately 22% [7]