SCIE(SH:600546) KAIYUAN SECURITIES·2024-09-03 02:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The report highlights that the company's coal production and pricing improved on a quarter-on-quarter basis in Q2 2024, with a focus on new capacity and high dividends [5] - The company reported a significant decline in revenue and net profit year-on-year for H1 2024, but showed recovery in Q2 with a 21.2% increase in revenue and a 21.3% increase in net profit compared to Q1 2024 [5] - The long-term investment value of the company is emphasized due to the smooth progress of capacity release and the potential increase in dividend payout ratios [5] Financial Performance Summary - For H1 2024, the company achieved operating revenue of 14.06 billion yuan, down 32% year-on-year, and a net profit attributable to shareholders of 1.29 billion yuan, down 58.1% year-on-year [5] - In Q2 2024, the company reported operating revenue of 7.7 billion yuan, with a quarter-on-quarter increase of 21.2%, and a net profit of 710 million yuan, also up 21.3% quarter-on-quarter [5] - The coal production volume for H1 2024 was 15.38 million tons, down 27.4% year-on-year, while Q2 production was 7.87 million tons, up 4.7% quarter-on-quarter [5] - The average selling price of self-produced coal in Q2 2024 was 705.9 yuan per ton, reflecting a 6.6% increase from Q1 2024 [5] Capacity and Dividend Outlook - The report notes that the company is accelerating the approval process for capacity expansion, with several projects expected to enhance coal production capacity in the future [5] - The company plans to distribute at least 60% of its distributable profits as cash dividends from 2024 to 2026, contingent on meeting certain financial conditions [5]