兰花科创：Q2产销双增，业绩环比改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year decrease in revenue and net profit for the first half of 2024, with revenue at 5.477 billion yuan, down 15.33%, and net profit at 550 million yuan, down 59.50% [1] - In Q2 2024, the company achieved revenue of 3.215 billion yuan, a year-on-year decrease of 6.86% but a quarter-on-quarter increase of 42.12% [1] - The coal business showed improved performance with increased production and sales, leading to a quarter-on-quarter improvement in results [1] - The company is expected to face challenges due to declining coal prices, leading to revised revenue forecasts for 2024-2026 [1][2] Financial Performance Summary - Revenue projections for 2023, 2024, 2025, and 2026 are 13.284 billion yuan, 13.996 billion yuan, 15.207 billion yuan, and 16.303 billion yuan respectively, with growth rates of -6%, 5%, 9%, and 7% [1][2] - Net profit projections for the same years are 2.098 billion yuan, 1.675 billion yuan, 2.029 billion yuan, and 2.301 billion yuan, with growth rates of -35%, -20%, 21%, and 13% [1][2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a P/E ratio of 5.7 [1][2] Business Segment Performance - Coal production in the first half of 2024 was 7.0561 million tons, a year-on-year increase of 9.34%, with sales of 5.7585 million tons, also up year-on-year [1] - The average selling price of coal was 637 yuan per ton, with a gross profit margin of 41.57% [1] - The chemical segment, including urea and caprolactam, saw significant improvements in production and sales compared to the previous quarter [1]