Haohua Energy(601101) 民生证券·2024-08-26 14:50Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4]. Core Views - The company achieved a revenue of 4.735 billion yuan in the first half of 2024, a year-on-year increase of 14.14%, and a net profit attributable to shareholders of 859 million yuan, up 21.28% year-on-year, driven by increased coal production and sales [2]. - In Q2 2024, the company reported a revenue of 2.322 billion yuan, a year-on-year increase of 21.85%, but a quarter-on-quarter decrease of 3.76%. The net profit for the same period was 407 million yuan, up 46.22% year-on-year but down 9.91% quarter-on-quarter [2]. - The company aims to achieve a coal production capacity of 30 million tons by the end of the 14th Five-Year Plan and is actively seeking quality coal mine projects in resource-rich areas [2]. Summary by Sections Financial Performance - In H1 2024, coal production and sales reached 9.5017 million tons and 9.5018 million tons, respectively, representing year-on-year increases of 11.65% and 11.98% [2]. - The average selling price of coal in H1 2024 was 436.37 yuan/ton, a decrease of 2.57% year-on-year, while the cost was 195.43 yuan/ton, an increase of 0.07% year-on-year, resulting in a coal business gross margin of 55.21%, down 1.18 percentage points year-on-year [2]. - The company’s methanol production and sales in H1 2024 were 250,300 tons and 249,200 tons, respectively, with a year-on-year increase of 14.08% and 14.63% [2]. Profitability and Cost Management - The gross margin for the methanol business improved significantly, with a reduction in losses by 19.05 percentage points year-on-year, achieving a gross margin of -3.17% in H1 2024 [2]. - The railway dedicated line business saw a gross margin of 70.37% in H1 2024, an increase of 3.19 percentage points year-on-year, despite a slight decline in profitability in Q2 2024 due to falling freight rates [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2024-2026 to be 1.478 billion yuan, 1.696 billion yuan, and 1.878 billion yuan, respectively, with corresponding EPS of 1.03 yuan, 1.18 yuan, and 1.30 yuan per share [2][5]. - The report indicates that the company’s PE ratios for the same period are projected to be 8, 7, and 6 times, respectively, based on the closing price on August 26, 2024 [2][5].