SHCI(SH:601225)2024-09-06 10:10Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and Chemical Industry Co., Ltd. [5][6] Core Views - The company's performance in the first half of 2024 met expectations, with a revenue of 84.737 billion yuan, a year-on-year decline of 6.5%, and a net profit attributable to shareholders of 10.556 billion yuan, down 8.8% year-on-year [5][6] - The company reported a slight increase in coal sales, with a total of 131.55 million tons sold, representing a year-on-year growth of 2.29%. However, coal prices faced pressure, with self-produced coal selling at 538.2 yuan per ton, down 9.51% year-on-year [5][6] - The company announced a mid-term dividend plan, proposing a cash dividend of 1.09 yuan per 10 shares, totaling 1.056 billion yuan, which accounts for 10% of the net profit attributable to shareholders for the period [5][6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved an operating income of 84.737 billion yuan, a decrease of 6.5% compared to the previous year. The net profit attributable to shareholders was 10.556 billion yuan, down 8.8% year-on-year [5][7] - The company’s coal production reached 86.407 million tons, with a slight increase in sales volume but a decline in prices due to market conditions [5][6] Profit Forecast - The profit forecast for 2024-2026 has been slightly adjusted, with expected net profits of 21.328 billion yuan, 24.145 billion yuan, and 24.984 billion yuan respectively. The current market capitalization corresponds to a PE ratio of 11X for 2024 [6][7] Market Comparison - The report compares Shaanxi Coal with China Shenhua, noting that both are leading thermal coal producers in China. The expected net profit for China Shenhua in 2024 is 60.036 billion yuan, with a PE ratio of 13X [6][7]