SCIE(600546) Tebon Securities·2024-09-01 06:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a recovery in net profit attributable to shareholders and emphasizes the value of dividends [2] - The company has faced significant declines in revenue and profit, but there are expectations for recovery in production and sales in the second half of the year [6][7] Financial Performance - For the first half of 2024, the company achieved operating revenue of 14.057 billion, a year-on-year decrease of 32.01%, and a net profit of 1.291 billion, down 58.11% year-on-year [6] - In Q2 2024, the company reported operating revenue of 7.701 billion, a year-on-year decrease of 23.2%, but a quarter-on-quarter increase of 21.17% [6] - The average selling price of coal in H1 2024 was 660 yuan/ton, down 12.63% year-on-year, while the cost of coal was 436 yuan/ton, up 3.71% year-on-year [6][7] Production and Sales - In H1 2024, the company produced 15.38 million tons of coal and sold 20.83 million tons, representing year-on-year decreases of 27.4% and 22.71%, respectively [7] - Q2 2024 saw production and sales recover significantly, with production at 7.87 million tons and sales at 11.54 million tons, showing quarter-on-quarter increases of 4.68% and 24.12% [7] Dividend Policy - The company has committed to distributing no less than 60% of its distributable profits in cash dividends from 2024 to 2026, indicating a high dividend yield of 6.8% based on annualized profits for H1 2024 [7] Earnings Forecast - The company is expected to generate revenues of 33.1 billion, 33.5 billion, and 34.3 billion for 2024, 2025, and 2026, respectively, with net profits of 2.9 billion, 3.1 billion, and 3.3 billion [7][9]