煤炭行业2024年半年报总结：业绩承压下滑，中报分红增多

Investment Rating - The report maintains an investment rating for the coal mining industry, with specific recommendations for key companies such as "Buy" for Shaanxi Coal and "Overweight" for China Shenhua [4]. Core Insights - The coal price remains under pressure, with a significant decline in fund holdings, indicating a growing underweight position in the sector. The coal sector has seen a slight decline of 1.1% from the beginning of 2024 to the end of August, outperforming the Shanghai Composite Index by 3.3 percentage points [2][8]. - The report highlights a decrease in net profit for the coal mining sector, with a total of 816 billion yuan in net profit for the first half of 2024, representing a year-on-year decline of 24.6%. However, the decline in profit has narrowed in the second quarter compared to the first quarter [3][22]. - The report emphasizes the importance of dividend distribution, noting that 7 coal companies have proposed interim dividends, reflecting an increasing focus on shareholder returns [3][4]. Summary by Sections 1. Coal Price Pressure and Fund Holdings - The coal sector has outperformed the market, with a 1.1% decline compared to a 4.5% drop in the Shanghai Composite Index [8]. - The average long-term contract price for thermal coal has remained stable around 700 yuan per ton, while spot prices have faced continuous pressure [11][12]. - Public fund holdings in the coal sector decreased to 27.9 billion yuan in Q2 2024, a reduction of 21.1% from the previous quarter, indicating an increased underweight position [14]. 2. 2024 Half-Year Report Summary - The coal mining sector's total revenue for H1 2024 was 681.4 billion yuan, down 8.6% year-on-year, with operating costs also declining by 5.3% [19][20]. - The return on equity (ROE) for the coal mining sector decreased by 2.6 percentage points to 6.9%, but it remains competitive compared to other sectors [29][32]. - Coal production and sales showed positive growth, with a total production of 595 million tons, up 1.3% year-on-year, and sales of 586 million tons, up 1.9% [33]. 3. Investment Recommendations - The report suggests that coal prices are expected to stabilize, which may enhance the performance stability of coal companies and attract long-term capital [3]. - Recommended companies include China Shenhua, Shaanxi Coal, and Huabei Mining, among others, indicating a focus on firms with strong dividend policies and lower volatility [3][4].