Guoxin Securities·2024-09-03 07:41Investment Rating - The report maintains an "Outperform" rating for the company [1][4][14] Core Views - The company reported a revenue of 168.08 billion yuan for H1 2024, a decrease of 0.8% year-on-year, and a net profit of 29.5 billion yuan, down 11.3% year-on-year [1][5] - The coal production and sales increased, but the decline in coal prices and rising costs led to a decrease in gross profit [1][12] - The company is recognized as a leading integrated energy enterprise with strong stability in performance and substantial dividend returns [1][14] Summary by Sections Coal Segment - In H1 2024, the company produced 163.2 million tons of coal, an increase of 1.6% year-on-year, and sold 229.7 million tons, up 5.4% year-on-year [1][8] - The average selling price for self-produced coal was 533 yuan/ton, down 27 yuan/ton year-on-year, while the average price for purchased coal was 648 yuan/ton, down 65 yuan/ton [1][12] - The gross profit for self-produced coal was 36.47 billion yuan, a decrease of 12.3% year-on-year [1][12] Power Segment - The total power generation reached 1040.4 billion kWh, an increase of 3.8% year-on-year, and total power sales were 978.9 billion kWh, up 3.9% year-on-year [1][12] - The average selling price for electricity was 404 yuan/MWh, down 3.3% year-on-year, while the unit selling cost was 362.2 yuan/MWh, down 1.5% year-on-year [1][12] - The gross profit from electricity was 7.08 billion yuan, a decrease of 4.6% year-on-year [1][12] Transportation Segment - The transportation revenue from railways, ports, and shipping was 22.44 billion yuan, 3.44 billion yuan, and 2.49 billion yuan respectively, with year-on-year growth of 1.4%, 4.8%, and a decline of 3.5% [1][12] - The self-owned railway transportation turnover was 161.4 billion ton-km, an increase of 7.3% year-on-year [1][12] - The coal loading volume at Huanghua Port was 11 million tons, up 9.3% year-on-year, maintaining the top position among coal ports in the country [1][12] Financial Forecasts - The profit forecast for 2024-2026 has been revised down to 54.8 billion yuan, 55.7 billion yuan, and 55.8 billion yuan respectively, with corresponding P/E ratios of 14.3, 14.1, and 14.1 [1][14] - The average selling price of coal is expected to be 567 yuan/ton, 563 yuan/ton, and 563 yuan/ton for the years 2024-2026 [1][14]