中煤能源：业绩符合预期，市值管理强化

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decrease in revenue and net profit for the first half of 2024, with revenue at 92.984 billion yuan, down 14.97% year-on-year, and net profit at 9.788 billion yuan, down 17.30% year-on-year [7] - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan, emphasizing stable dividends and market value management [10] - The forecast for revenue and net profit from 2024 to 2026 shows a positive trend, with expected revenues of 211.246 billion yuan, 217.644 billion yuan, and 225.383 billion yuan, and net profits of 21.841 billion yuan, 23.474 billion yuan, and 25.549 billion yuan respectively [10] Financial Summary - Total shares outstanding: 13,259 million [3] - Market price: 13.56 yuan [2] - Market capitalization: 179.787 billion yuan [3] - Revenue for 2022 was 220.577 billion yuan, with a projected revenue of 211.246 billion yuan for 2024, reflecting a year-on-year growth rate of 9% [6] - Net profit for 2022 was 18.241 billion yuan, with a projected net profit of 21.841 billion yuan for 2024, reflecting a year-on-year growth rate of 12% [6] Business Performance - Coal production for the first half of 2024 was 66.5 million tons, a decrease of 0.9% year-on-year, while sales increased by 2.1% [8] - The average selling price of self-produced coal was 584.0 yuan/ton, down 6.4% year-on-year [8] - In the chemical business, methanol production decreased by 9.9% year-on-year, but the unit gross profit increased significantly by 133.5% [9] Dividend Policy - The company has committed to a stable dividend policy, distributing a special dividend of 1.5 billion yuan and a mid-year cash dividend of 2.936 billion yuan, representing a 30% payout ratio [10]