美锦能源：公司2024年中报点评报告：焦炭价格下滑致业绩承压，氢能各项业务稳步推进

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company's performance is under pressure due to declining coke prices, but hydrogen energy business is steadily advancing [5] - The company reported a revenue of 8.81 billion yuan in H1 2024, a year-on-year decrease of 9.5%, and a net profit attributable to shareholders of -680 million yuan, a year-on-year decrease of 283% [5] - The forecast for net profit attributable to shareholders for 2024-2026 is -670 million, 510 million, and 670 million yuan respectively, with a significant year-on-year change of -330.1%, +176%, and +32.8% [5] Financial Performance Summary - In H1 2024, the company achieved a total revenue of 8.81 billion yuan, with a net profit of -680 million yuan, and a net profit after deducting non-recurring gains and losses of -690 million yuan [5] - The company's coke production capacity is 10.95 million tons/year, with an actual production of 2.969 million tons in H1 2024, a year-on-year increase of 17.9% [5] - The average market price for secondary metallurgical coke in Hebei was 1974.4 yuan/ton in H1 2024, down 14.4% year-on-year [5] Hydrogen Energy Business Development - The hydrogen energy sector is gaining momentum, with the company being the industry leader in fuel cell vehicle insurance volume, totaling 652 vehicles [5] - The company is actively introducing supporting enterprises in its hydrogen energy parks in Qingdao and Foshan to enhance synergy [5] - The first phase of the hydrogen energy headquarters base in Daxing, Beijing, is under construction and is expected to be operational by June 2025 [5]