Guohai Securities·2024-09-02 07:42Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" (maintained) [1][5][7] Core Views - The report highlights an increase in coal production and sales, with a mid-term dividend return to investors [1][4] - The company has shown resilience in its operations despite a decline in coal prices, with a focus on maintaining profitability through cost management [4][5] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 723.12 billion yuan, a decrease of 24.1% year-on-year; net profit attributable to shareholders was 75.68 billion yuan, down 31.6% year-on-year [3][4] - The average selling price of coal in the first half of 2024 was 697.6 yuan/ton, a decrease of 24% year-on-year, while the average sales cost was 406.0 yuan/ton, down 14% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares, totaling 23.1 billion yuan, which represents 30.51% of the net profit for the period [5][6] Production and Sales Summary - In the first half of 2024, the company produced 69.08 million tons of commercial coal, an increase of 8.2% year-on-year, with sales reaching 67.88 million tons, up 2.93% year-on-year [4][5] - The production growth was attributed to the removal of geological constraints at Tianchi Energy and Inner Mongolia Mining, as well as increased output from Yancoal Australia [4][5] Future Growth Potential - The company has significant growth potential, with plans to produce approximately 140 million tons of commercial coal in 2024, an increase of nearly 10 million tons compared to 2023 [5][6] - The report anticipates revenue for 2024-2026 to be 1466.2 billion yuan, 1567.1 billion yuan, and 1647.9 billion yuan respectively, with net profit projections of 156.1 billion yuan, 181.3 billion yuan, and 203.8 billion yuan [5][6]