DTCIC(SH:601001) KAIYUAN SECURITIES·2024-08-29 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance has shown growth against the trend, primarily due to increased volume and cost control. The report highlights the potential for asset injection and dividend growth [5][6] - For the first half of 2024, the company achieved operating revenue of 7.379 billion yuan, a year-on-year decrease of 0.99%, while net profit attributable to shareholders increased by 3.67% to 1.436 billion yuan [5] - The report maintains profit forecasts for 2024-2026, expecting net profits of 3.39 billion yuan, 3.58 billion yuan, and 3.75 billion yuan, respectively, with corresponding EPS of 2.03 yuan, 2.14 yuan, and 2.24 yuan [5][6] Financial Performance Summary - In H1 2024, the company produced 16.93 million tons of raw coal, a slight decrease of 0.5% year-on-year, with sales of 14.45 million tons, also down by 0.2% [5] - The average selling price of coal in H1 2024 was 495.2 yuan/ton, reflecting a year-on-year decline of 1.8% [5] - The company has signed agreements to resolve competition issues, with expectations for asset injection from the parent group, which has significant coal production capacity [5][6] - The dividend payout for 2023 was 7.90 yuan per 10 shares, with a dividend rate of 40%, indicating a continuous increase in dividend payouts over three years [5]