煤炭开采行业专题研究：煤炭板块2024半年报总结：盈利回归合理水平，资产负债率进一步回落

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a return to reasonable profit levels, with a further decline in debt ratios, indicating improved asset quality [5] - The average sales price of coal has decreased, leading to a decline in profitability for coal companies [18] - Despite the challenges, the long-term outlook for coal remains strong due to its essential role in energy production [5] Summary by Sections 1. Overview of H1 2024 - Domestic coal production has decreased while imports have increased, resulting in a decline in coal prices [10] - The total revenue of 27 coal companies reached 656.9 billion yuan, a year-on-year decrease of 9%, with net profit down 22.4% [13] - The average sales price of coal was 604 yuan/ton, down 11% year-on-year, while the average cost was 379 yuan/ton, down 2% [18] 2. Profitability Metrics - The average gross margin for the coal companies was 30%, a decrease of 4.8 percentage points year-on-year [3] - The average net profit margin was 11.5%, down 5.9 percentage points year-on-year [3] - The return on equity (ROE) for the companies averaged 4.2%, a decline of 5.1 percentage points year-on-year [3] 3. Cash Flow and Debt Management - Operating cash flow for the companies totaled 139.5 billion yuan, a decrease of 1% year-on-year [4] - The average debt ratio for the companies was 52%, down 1.8 percentage points year-on-year, indicating improved debt management [4] - The focus on debt management has led to a solidification of overall asset quality [5] 4. Investment Strategy - The report suggests focusing on undervalued coal stocks, highlighting companies like China Shenhua and Shaanxi Coal and Energy for their strong fundamentals and dividend policies [5] - The long-term demand for coal is expected to remain robust due to its critical role in energy generation, particularly in thermal power [5]