Haitong Securities·2024-08-27 05:46Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report indicates that the company's coal business is expected to maintain stable prices and increase production, while the coal chemical business is anticipated to improve steadily. The company is progressing towards becoming a world-class energy enterprise with a strong coal industry chain [9][10] - The company's net profit attributable to shareholders for the first half of 2024 is projected to be 19 billion yuan, with an EPS of 1.43 yuan for 2024, and the valuation is set at a PE ratio of 11 to 13 times, corresponding to a reasonable value range of 15.78 to 18.65 yuan [9][10] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue and net profit of 92.98 billion yuan and 9.79 billion yuan, respectively, representing a year-on-year decrease of 15% and 17.3%. However, the net profit for Q2 showed a slight increase of 2.9% year-on-year [6][8] - The coal production for the first half of 2024 was 66.5 million tons, with self-produced coal sales of 66.19 million tons, reflecting a year-on-year decrease of 0.9% and an increase of 2.1%, respectively [6][7] Cost and Pricing - The average selling price of self-produced coal in the first half of 2024 was 584 yuan per ton, down 6.4% year-on-year, while the unit cost increased by 2.7% to 293 yuan per ton [6][7] - The coal chemical segment saw a significant reduction in costs, with net profit increasing by 24% year-on-year, driven by effective cost control and scale effects [7] Dividend Policy - The company plans to distribute a cash dividend of 29.4 billion yuan, which is 30% of the net profit attributable to shareholders for the first half of 2024, translating to a per-share dividend of 0.221 yuan [7] Future Projections - The company is expected to achieve net profits of 19 billion yuan, 21.11 billion yuan, and 21.81 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.43 yuan, 1.59 yuan, and 1.65 yuan [9][10]