广汇能源：马朗煤矿获批，看好长期发展

Investment Rating - The investment rating for the company is "Outperform the Market" [2][21][24] Core Views - The company has experienced a significant decline in revenue and profit due to falling prices and sales volumes of its main products, with a 50.84% year-on-year decrease in revenue for the first half of 2024 [2][6][12] - The approval of the Marang coal mine by the National Development and Reform Commission is expected to strengthen the company's position as a leading coal producer in Xinjiang [2][20] - The company is adjusting its sales strategy in response to the narrowing price gap between domestic and international natural gas, leading to a reduction in trading volumes [2][12][22] Financial Forecasts and Indicators - Revenue (in million yuan) is projected to be 45,221 in 2024, 58,615 in 2025, and 72,257 in 2026, reflecting a decrease of 26.4% in 2024 followed by growth of 29.6% and 23.3% in the subsequent years [1][23] - The net profit (in million yuan) is expected to be 4,888 in 2024, 5,774 in 2025, and 6,917 in 2026, with a decline of 11% in 2024 and growth of 18.1% and 19.8% in the following years [4][23] - Earnings per share (EPS) is forecasted to be 0.74 in 2024, 0.88 in 2025, and 1.05 in 2026, with a decrease of 11% in 2024 and subsequent increases [4][23] Business Segmentation - The coal business is projected to generate revenue of 192.98 billion yuan in 2024, with a growth rate of 31.06% [23] - The natural gas business is expected to see a significant decline in revenue to 175.56 billion yuan in 2024, reflecting a decrease of 54.24% [23] - The coal chemical business is forecasted to generate revenue of 74.47 billion yuan in 2024, with a slight decline of 2.81% [23]