GOLDEN SUN SECURITIES·2024-09-03 11:43Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company (兖矿能源) [4] Core Views - The company's Q2 performance shows improvement compared to Q1, with future growth prospects appearing promising [1] - The coal business has stable production and sales, with a decrease in costs leading to improved performance in Q2 [1][2] - The chemical segment has shown steady growth, with an optimized product structure contributing to increased profits [2] Financial Summary - For H1 2024, the company reported revenue of 72.312 billion yuan, a year-on-year decrease of 24.07%, while net profit attributable to shareholders was 7.568 billion yuan, an increase of 31.64% [1] - In Q2 2024, revenue was 32.678 billion yuan, down 27.72% year-on-year and down 17.55% quarter-on-quarter, with net profit of 3.812 billion yuan, down 17.34% year-on-year but up 1.46% quarter-on-quarter [1] - The coal segment generated revenue of 47.351 billion yuan in H1 2024, a decrease of 21.3% year-on-year, while the chemical segment achieved a gross profit of 2.365 billion yuan, an increase of 17.84% year-on-year [1][2] Production and Sales - In Q2 2024, the company produced 34.44 million tons of coal, a decrease of 0.6% quarter-on-quarter, with sales of 33.69 million tons, down 1.4% quarter-on-quarter [1] - The average selling price of coal in Q2 2024 was 668 yuan per ton, down 8.2% quarter-on-quarter, while the comprehensive cost was 366 yuan per ton, down 17.9% quarter-on-quarter [1] Future Capacity Growth - The company plans to increase coal production capacity by over 40 million tons through new projects scheduled for completion between 2024 and 2030 [2] Profit Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 15.1 billion yuan, 17.3 billion yuan, and 19 billion yuan respectively, with corresponding P/E ratios of 9.7X, 8.5X, and 7.7X [2][3]