SCIE(600546) GOLDEN SUN SECURITIES·2024-09-02 12:44Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company has shown a recovery in production and sales in Q2, with a year-on-year revenue decline of 32.01% but a net profit increase of 58.11% in the first half of 2024 [1]. - In Q2 2024, the company achieved a revenue of 7.701 billion yuan, a year-on-year decrease of 23.20%, but a quarter-on-quarter increase of 21.30% in net profit [1][2]. - The company’s coal production and sales have gradually recovered, with Q2 2024 coal production at 7.87 million tons, up 4.7% quarter-on-quarter, and sales at 11.54 million tons, up 24.1% quarter-on-quarter [2]. - The average selling price of self-produced coal increased to 706 yuan per ton, a quarter-on-quarter rise of 6.6%, while the cost decreased by 0.9% to 306 yuan per ton, resulting in a gross profit of 400 yuan per ton, up 13.1% [2]. - The company’s coal business achieved a gross profit of 2.645 billion yuan in Q2 2024, a quarter-on-quarter increase of 29.98% [2]. Financial Summary - For the first half of 2024, the company reported a revenue of 14.057 billion yuan and a net profit of 1.291 billion yuan [1]. - The projected net profits for 2024-2026 are estimated at 3.062 billion yuan, 3.276 billion yuan, and 3.464 billion yuan respectively, with corresponding P/E ratios of 7.7, 7.2, and 6.8 [2][3]. - The company’s total resources amount to 2.12 billion tons, with a recoverable reserve of 760 million tons [2]. Industry Overview - The company operates in the coal mining industry, primarily selling to large steel and power generation enterprises [2]. - The report indicates a downward adjustment in coal prices, impacting the company's profit forecasts [2].