Minsheng Securities·2024-09-01 07:30Investment Rating - The report maintains a "Recommended" rating for Yanzhou Coal Mining Company (600188.SH) [1][2] Core Views - In the first half of 2024, the company reported a revenue of 72.31 billion yuan, a decrease of 24.07% year-on-year, and a net profit attributable to shareholders of 7.57 billion yuan, down 31.64% year-on-year [1] - The coal production and sales increased, but the average selling price declined significantly, impacting profitability [1] - The company plans to distribute a cash dividend of 0.23 yuan per share, totaling 2.31 billion yuan, which represents 30.51% of the net profit for the period [1] Financial Performance Summary - For H1 2024, coal production reached 69.08 million tons, up 8.2% year-on-year, while coal sales were 67.88 million tons, up 2.9% year-on-year [1] - The average selling price of coal was 697.6 yuan per ton, down 23.5% year-on-year, with a cost of 406 yuan per ton, down 14.3% year-on-year [1] - The gross profit margin for coal business was 41.8%, a decrease of 6.3 percentage points year-on-year [1] - Non-coal business showed growth, with chemical business gross profit increasing by 24.9% year-on-year [1] Future Earnings Estimates - The company is expected to achieve net profits of 14.52 billion yuan, 16.00 billion yuan, and 16.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.45 yuan, 1.59 yuan, and 1.68 yuan [2][6] - The PE ratios for the years 2024, 2025, and 2026 are projected to be 10, 9, and 8 respectively based on the stock price as of August 30, 2024 [2][6]