PJRC(600395) 信达证券·2024-08-28 08:10Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company experienced a significant decline in performance in the first half of 2024, with total revenue of 4.046 billion yuan, a year-on-year decrease of 23.63%, and a net profit attributable to shareholders of 37 million yuan, down 93.98% year-on-year [1]. - The company is positioned as a leading player in the Southwest coal market, with ongoing capacity expansion and integration of coal and power operations expected to drive future growth [2][3]. - The company is advancing several coal-fired power projects, with expectations for substantial revenue growth in the power sector in 2024 [2]. Financial Summary - In the first half of 2024, the company's coal production was 4.47 million tons, a decrease of 30.14% year-on-year, while the average coal price increased by 9.32% year-on-year to 835 yuan per ton [1]. - The company's gross margin for the coal segment was 22.9%, down 6.6 percentage points year-on-year, indicating pressure from declining prices and increased costs due to safety incidents [1]. - The company aims to increase its coal production capacity to 25.2 million tons per year, with significant projects underway to enhance its operational scale [2]. Earnings Forecast - The company is projected to achieve net profits of 189 million yuan, 811 million yuan, and 1.171 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.09, 0.38, and 0.55 yuan per share [2][3]. - The price-to-earnings ratio (P/E) for the years 2024, 2025, and 2026 is expected to be 60.27, 14.05, and 9.73, respectively, indicating a potential for value appreciation as earnings recover [2].