广汇能源：马朗煤矿获批兑现，业绩弹性释放可期

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The approval of the Marang coal mine is expected to release performance elasticity, with a projected annual production capacity of 10 million tons, enhancing profitability as production ramps up [2]. - The report indicates a significant increase in the transportation capacity of the Hongnao Railway, which is expected to alleviate previous performance commitments that negatively impacted the company [2]. - Due to a downward adjustment in coal prices, the company's profit forecasts for 2024-2026 have been revised to 4.05 billion, 4.78 billion, and 5.38 billion yuan respectively, with corresponding P/E ratios of 9.7, 8.2, and 7.3 times [2]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 17.249 billion yuan, a decrease of 50.84% year-on-year, and a net profit of 1.455 billion yuan, down 64.70% year-on-year [1]. - Coal production for the first half of 2024 was 11.51 million tons, a decline of 17.78% year-on-year, while coal sales were 15.71 million tons, down 2.66% year-on-year [1]. - The average selling price of coal increased slightly to 455 yuan per ton, up 1.77% year-on-year, despite rising costs which increased to 336 yuan per ton, an 8.28% increase from the previous year [1]. - The natural gas segment saw a significant decline, with sales volume dropping 57% year-on-year to 1.5153 million tons, and the average selling price decreased by 27.05% to 4479 yuan per ton [1]. Future Outlook - The report anticipates that the company's net profit will recover gradually, with estimates of 4.05 billion yuan for 2024, 4.78 billion yuan for 2025, and 5.38 billion yuan for 2026, reflecting a stable growth trajectory [2][3]. - The company is expected to benefit from the operational improvements in the Hongnao Railway, which recorded a 187% year-on-year increase in transport volume in the first half of 2024 [2].