华阳股份：公司2024年中报点评报告：量价下滑致业绩承压，关注煤矿成长及高分红潜力

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [2][5][11] Core Views - The company's performance is under pressure due to declining coal prices and production volumes, but there are growth opportunities in coal mining and high dividend potential [5] - The company reported a significant decrease in revenue and net profit for H1 2024, with revenue at 12.199 billion yuan, down 20.85% year-on-year, and net profit at 1.299 billion yuan, down 56.87% year-on-year [5] - Future growth is expected from 10 million tons of coal mines under construction and advancements in new energy and materials businesses [5] Financial Performance Summary - For H1 2024, the company achieved a coal production of 18.66 million tons, a decrease of 21.5% year-on-year, and coal sales of 17.1 million tons, down 20.7% year-on-year [5] - The average selling price of coal was 572 yuan per ton, down 8.7% year-on-year, while the cost per ton increased by 9.5% to 354 yuan [5] - The company plans to enhance its coal production capacity and has successfully launched several new energy projects, including sodium-ion batteries and photovoltaic components [5][6] Future Outlook - The company has 10 million tons of coal mines under construction, with expected production increases starting in 2024 [5] - The dividend payout ratio has increased significantly, with a proposed cash dividend of 7.18 yuan per 10 shares, reflecting a 50% payout of the net profit, which enhances the investment value [5] - The projected earnings per share (EPS) for 2024-2026 are 0.75, 0.86, and 0.94 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.6, 8.4, and 7.7 [5][6]