华阳股份：煤炭主业有望趋稳，远期增量依旧可观

Investment Rating - The investment rating for Huayang Co., Ltd. (600348) is "Buy" [1] Core Views - The coal business is expected to stabilize in the second half of 2024, with significant growth potential in the coming years due to capacity increases and resource acquisitions [1][2] - The company reported a revenue of 12.199 billion yuan in the first half of 2024, a decrease of 20.85% year-on-year, while the net profit attributable to shareholders was 1.299 billion yuan, an increase of 56.87% year-on-year [1] - The company successfully acquired coal exploration rights in the Yujiazhuang area for 6.3 billion tons of resources at a price of 10.8 yuan per ton, enhancing its profitability [1][2] Financial Summary - In the first half of 2024, the company achieved a coal production of 18.66 million tons, down 21.46% year-on-year, and coal sales of 17.1 million tons, down 20.73% year-on-year [1] - The average coal price in the first half of 2024 was 573 yuan per ton, a decrease of 8.71% year-on-year [1] - The company’s projected net profits for 2024-2026 are 2.422 billion, 2.731 billion, and 3.162 billion yuan respectively, with corresponding EPS of 0.67, 0.76, and 0.88 yuan per share [2][3] Production and Cost Analysis - The company’s coal production in Q2 2024 was 10.16 million tons, an increase of 19.5% quarter-on-quarter, while coal sales were 8.82 million tons, an increase of 6.4% quarter-on-quarter [1] - The coal sales cost in the first half of 2024 was 354 yuan per ton, an increase of 9.59% year-on-year [1] - The company is expected to stabilize production in the second half of 2024, aligning with the production levels of the first half [1]