宝新能源：成本回落缓解量价压力，上半年业绩实现稳健表现

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.713 billion yuan for the first half of 2024, a year-on-year decrease of 25.69%. Despite the revenue pressure, the decline in coal prices significantly alleviated fuel cost pressures, leading to a gross profit of 587 million yuan, which is a year-on-year increase of 29.31%. Consequently, the net profit attributable to shareholders reached 366 million yuan, a year-on-year increase of 16.62% [3][4]. - The company experienced a significant drop in revenue in the second quarter, amounting to 1.587 billion yuan, a year-on-year decrease of 43.93%, primarily due to the impact of abundant water supply on electricity generation [4]. - The company has a high dividend payout ratio of 73.47% for 2023, with a projected dividend yield of 5.29% based on the closing price on the dividend announcement date [4]. - The company is expected to see an increase in installed capacity by 56.85% with the completion of new units at the Lufeng Jiahu Bay power plant, projected to be operational by early 2025 [4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 3.713 billion yuan, down 25.69% year-on-year, while the net profit attributable to shareholders was 366 million yuan, up 16.62% year-on-year [3][4]. - The gross profit for the first half was 587 million yuan, reflecting a 29.31% increase year-on-year, driven by a 31.19% decrease in operating costs due to falling coal prices [3][4]. Market Conditions - The company faced challenges in revenue due to reduced electricity generation hours, which were 1869 hours in the first half of 2024, a decrease of 8.29% year-on-year [3][4]. - The average market price of Qinhuangdao Q5500 thermal coal was 874.88 yuan per ton, down 14.29% year-on-year, contributing to lower fuel costs [3][4]. Future Outlook - The company forecasts earnings per share (EPS) of 0.40 yuan, 0.63 yuan, and 0.72 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 10.41, 6.52, and 5.69 [4][8].