淮河能源：“煤窝办电”优势突出，2024H1业绩高增

Investment Rating - The investment rating for Huaihe Energy is "Buy - A" with a target price of 4.20 CNY over the next six months [3][5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, driven by higher electricity generation and operational efficiency [2][5]. - The integration of coal and electricity operations has strengthened profitability, with expectations for further improvements in gross profit per kilowatt-hour due to the normal operation of the Panji Power Plant [2][5]. - The company is projected to achieve steady revenue growth over the next three years, with expected revenues of 27.47 billion CNY in 2024, 27.76 billion CNY in 2025, and 28.29 billion CNY in 2026 [5][6]. Financial Performance Summary - In H1 2024, Huaihe Energy achieved operating revenue of 15.82 billion CNY, a year-on-year increase of 14.74%, and a net profit of 575 million CNY, up 58.94% [2]. - The company’s electricity generation reached 8.679 billion kWh in H1 2024, representing a 27.81% increase year-on-year [2]. - The average utilization hours of thermal power units increased to 2472.7 hours, an increase of 294.66 hours compared to the previous year [2]. Business Segments - The logistics and railway transportation segments showed stable performance, although railway freight volume slightly decreased due to safety incidents at coal mines owned by the controlling shareholder [3][5]. - The coal blending business achieved a record high of 15.61 million tons, reflecting a year-on-year increase of 33.08% [5]. Future Projections - The company is expected to maintain a growth trajectory with projected net profits of 1.09 billion CNY in 2024, 1.13 billion CNY in 2025, and 1.18 billion CNY in 2026, with growth rates of 29.7%, 4.0%, and 4.1% respectively [5][6]. - The anticipated operational improvements and potential asset injections from the group could further enhance the company's market position and profitability [5].