SHCI(SH:601225) Guotou Securities·2024-09-01 02:30Investment Rating - The investment rating for the company is "Buy - A" [2][3]. Core Views - The company reported a revenue of 84.737 billion yuan in the first half of 2024, a year-on-year decrease of 6.54%, and a net profit of 10.556 billion yuan, down 8.83% year-on-year. The company plans to distribute a mid-term dividend of 10%, reflecting confidence in future growth [1][2][6]. - The company is expected to achieve revenues of 158.791 billion yuan, 159.174 billion yuan, and 161.399 billion yuan for 2024-2026, with growth rates of -7.1%, 0.2%, and 1.4% respectively. Net profits are projected to be 21.931 billion yuan, 22.444 billion yuan, and 23.637 billion yuan, with growth rates of 3.3%, 2.3%, and 5.3% respectively [2][7]. Financial Performance Summary - In H1 2024, the company produced 86.407 million tons of coal, an increase of 2.78% year-on-year, and sold 131.550 million tons, up 2.29% year-on-year. The average selling price of coal was 574.96 yuan per ton, down 11.33% year-on-year [1][6]. - The company's total assets were reported at 215.260 billion yuan, with total liabilities of 77.343 billion yuan, indicating a solid financial position [8][9]. - The company has a projected price-to-earnings ratio of 12x for 2024, with a target price of 27.12 yuan, compared to the current share price of 24.66 yuan [3][6].