pingmei coal(SH:601666) INDUSTRIAL SECURITIES·2024-08-27 09:49Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company reported a revenue of 16.254 billion yuan in the first half of 2024, reflecting a year-on-year increase of 1.78%, while the net profit attributable to shareholders decreased by 37.66% to 1.393 billion yuan [4]. - The company's coal production decreased by 7.56% year-on-year to 14.2082 million tons, but the production of premium coal increased by 6.6% to 6.59 million tons, with a premium coal yield of 46.4%, up by 6.2 percentage points [4]. - The controlling shareholder plans to increase its stake in the company by 300 to 600 million yuan within six months, which is expected to enhance the company's competitive advantage in the coal industry [4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 8.01 billion yuan, a year-on-year increase of 9.14%, but a quarter-on-quarter decrease of 2.84% [4]. - The average net asset return rate for the first half of 2024 was 4.98%, down by 4.53 percentage points year-on-year [4]. Production and Sales - The company sold 13.4875 million tons of commodity coal in the first half of 2024, a decrease of 13.2% year-on-year, with self-produced coal sales down by 16.95% to 11.5452 million tons [4]. - The selling price per ton of coal was 1,088 yuan, up by 9.3% year-on-year, while the cost per ton was 772 yuan, an increase of 13.4% [4]. Cost Management - Management expenses increased by 68.6% year-on-year to 696 million yuan in the first half of 2024, primarily due to production stoppages at twelve mines [4]. - The company expects management expenses to return to normal levels in the second half of 2024 as production resumes [4]. Future Outlook - The company anticipates a recovery in production and sales in the second half of 2024, with downstream demand expected to stabilize [4]. - The expected asset injection from the controlling shareholder is likely to strengthen the company's competitive position in the coal sector [4].