DTCIC(SH:601001) ZHONGTAI SECURITIES·2024-08-31 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a slight decrease in revenue for the first half of 2024, with a year-on-year decline of 0.99%, while net profit increased by 3.67% [3] - The coal business showed a mixed performance, with sales volume increasing quarter-on-quarter but facing pressure from declining prices [4] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 162.01 billion, 166.19 billion, and 168.81 billion for 2024, 2025, and 2026 respectively [6] Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 16,082 million, Net Profit of 3,044 million - 2023A: Revenue of 15,342 million, Net Profit of 3,301 million - 2024E: Revenue of 16,201 million, Net Profit of 3,431 million - 2025E: Revenue of 16,619 million, Net Profit of 3,625 million - 2026E: Revenue of 16,881 million, Net Profit of 3,767 million [2][6] - Earnings Per Share (EPS): - 2022A: 1.82 - 2023A: 1.97 - 2024E: 2.05 - 2025E: 2.17 - 2026E: 2.25 [2] - Price-to-Earnings (P/E) Ratio: - 2022A: 7.8 - 2023A: 7.2 - 2024E: 6.9 - 2025E: 6.6 - 2026E: 6.3 [2] - Price-to-Book (P/B) Ratio: - 2022A: 1.6 - 2023A: 1.4 - 2024E: 1.2 - 2025E: 1.0 - 2026E: 0.9 [2] Operational Highlights - The company achieved a coal production of 16.928 million tons in the first half of 2024, a slight decrease of 0.47% year-on-year, while sales volume was 14.452 million tons, down 0.22% [4] - The average selling price of coal was 495.2 yuan/ton, reflecting a year-on-year decrease of 1.83% [4] - Significant reductions in management and financial expenses contributed to improved profitability [4][6]