Tianfeng Securities·2024-09-02 13:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for H1 2024 is reported at 72.312 billion yuan, a decrease of 24.07% year-on-year, while the net profit attributable to shareholders is 7.568 billion yuan, down 31.64% year-on-year [1] - The average selling price of coal decreased by 23.6% year-on-year to 697.62 yuan per ton, while the cost per ton of coal fell by 17.4% year-on-year to 372.1 yuan [2] - The chemical products segment shows a recovery with a production increase of 0.87% year-on-year, and the gross profit per ton of methanol has turned positive due to price increases [3] Financial Performance Summary - H1 2024 operating cash flow net amount is 12.62 billion yuan, an increase of 85.42% year-on-year [1] - The company's coal production for H1 2024 is 69.078 million tons, an increase of 8.2% year-on-year, with sales volume at 67.875 million tons, up 2.93% year-on-year [2] - The report adjusts the net profit forecast for 2024-2025 to 16.52 billion yuan and 16.95 billion yuan respectively, with an additional forecast for 2026 at 17.65 billion yuan [3][9]