山西焦煤：2024半年报点评：24Q2业绩边际向好，高股息与资产注入值得期待

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company's performance in Q2 2024 shows marginal improvement, with expectations for high dividends and asset injections [2] - The company's revenue for the first half of 2024 was CNY 21.57 billion, a decrease of 21.7% year-on-year, while net profit attributable to shareholders was CNY 1.966 billion, down 56.5% year-on-year [2] - The company has experienced a decline in both volume and price, alongside an increase in resource tax, impacting its performance [2] - Q2 2024 revenue was CNY 11.018 billion, showing a quarter-on-quarter increase of 4.4% but a year-on-year decrease of 14.0% [2] - The company’s debt-to-asset ratio has been decreasing, reaching 45.38% in Q2 2024, down from a high of 69.21% in Q4 2020 [2] - There are expectations for external growth through asset injections, with potential for further acquisitions in the future [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of CNY 21.57 billion, a decline of 21.7% year-on-year, and a net profit of CNY 1.966 billion, down 56.5% year-on-year [2] - Q2 2024 saw a revenue of CNY 11.018 billion, a quarter-on-quarter increase of 4.4% and a year-on-year decrease of 14.0% [2] - The company’s coal production was affected by the temporary shutdown of a major mine, which has a capacity of 4.5 million tons [2] Business Segments - The power and heat business generated CNY 3.319 billion in revenue, down 6.16% year-on-year, while the coking business achieved CNY 4.786 billion in revenue, down 8.28% year-on-year but turned a profit [2] Debt and Asset Management - The company’s debt-to-asset ratio has improved significantly, indicating better financial health [2] - The report highlights the potential for further asset injections, which could enhance production capacity and overall growth [2] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downwards due to declining coal prices and production volumes, with net profit estimates of CNY 3.99 billion, CNY 4.55 billion, and CNY 4.82 billion respectively [2] - The expected earnings per share (EPS) for the same period are projected at CNY 0.70, CNY 0.80, and CNY 0.85 [2]