PJRC(SH:600395) KAIYUAN SECURITIES·2024-08-28 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's performance has been impacted by a decline in coal production and sales, but the integration of coal and electricity operations is progressing steadily [2][3]. - The company reported a significant drop in revenue and net profit for the first half of 2024, with a year-on-year revenue decrease of 23.6% and a net profit decline of 94% [2][3]. - Future profit forecasts for 2024-2026 have been adjusted downward due to declining coal production, with expected net profits of 310 million, 530 million, and 730 million yuan respectively [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 4.05 billion yuan, down 23.6% year-on-year; net profit attributable to shareholders was 37 million yuan, down 94% year-on-year; and net profit after deducting non-recurring items was -46 million yuan, down 108.2% year-on-year [2][4]. - For Q2 2024, the company reported operating revenue of 2.1 billion yuan, a quarter-on-quarter increase of 7.6%; net profit attributable to shareholders was 16 million yuan, a quarter-on-quarter decrease of 25.2% [2][4]. Coal Business - The company's coal production and sales significantly declined in H1 2024, with sales volume of 4.47 million tons and production volume of 4.07 million tons, down 30.1% and 39.6% year-on-year respectively [4][5]. - The average selling price of coal in H1 2024 was 835 yuan per ton, up 9.3% year-on-year, while the cost per ton increased by 19.6% to 644 yuan [4][5]. Power Generation Business - The company's power generation capacity has increased significantly, with H1 2024 power generation reaching 148,563 million kWh, up 6690% year-on-year [4][5]. - The average on-grid electricity price (excluding tax) was 0.3677 yuan per kWh, down 3% year-on-year [4][5]. Future Outlook - The company has a total production capacity of 23.1 million tons per year, with ongoing projects expected to further enhance coal production capacity [5]. - The integration of coal, electricity, and renewable energy is expected to gradually show advantages, with significant investments in both coal and renewable energy projects [5].