煤炭行业2024半年报业绩综述：煤价回落行业业绩承压，长期价值仍在

Investment Rating - The coal industry is rated as "Recommended" (maintained) [1] Core Insights - The coal industry experienced a decline in performance due to falling coal prices, but long-term value remains intact [1] - In the first half of 2024, the coal industry maintained stable operations, with coal prices fluctuating at high levels [1] - The overall coal production in China remained high, but some regions saw a year-on-year decline due to safety and environmental regulations [1] Summary by Sections 1. Market Conditions - The Shenwan coal industry index fell by 6.88%, ranking 8th, primarily driven by a 9.21% increase in the thermal coal index, outperforming the CSI 300 index by 16.79 percentage points [8] - The coking coal and coke indices dropped by 27.60% and 39.78%, respectively, underperforming the CSI 300 index by 20.02 and 32.20 percentage points [8] 2. Operating Conditions 2.1 Profitability Analysis - In H1 2024, the coal industry reported total revenue of CNY 710.50 billion, a year-on-year decrease of 8.94%, with 30 out of 37 listed coal companies experiencing revenue declines [14] - The total net profit attributable to shareholders was CNY 80.06 billion, down 26.68% year-on-year, with 23 companies reporting declines [14] - Revenue and profit performance varied significantly across sub-sectors, with thermal coal, coking coal, and coke reporting revenues of CNY 524.22 billion, CNY 157.31 billion, and CNY 28.98 billion, respectively [14] 2.2 Operating Capability Analysis - The coal industry's gross margin in H1 2024 was 28.54%, down 2.60 percentage points year-on-year, while the net margin was 11.27%, down 2.73 percentage points [23] - The management expense ratio increased, with total expenses rising to 6.01%, up 0.74 percentage points year-on-year [23] 3. Investment Recommendations - The report suggests that the negative impact of coal price adjustments on performance has largely been released, and stable assets with sufficient cash flow will continue to support high dividends [1] - Long-term value remains attractive, with a focus on recommending high-dividend, stable-profit companies such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [1] - Other recommendations include companies that can stabilize prices, such as Xinjie Energy and Electric Power Investment Energy, and those with high growth potential like Shanxi Coal International and Jinko Coal Industry [1]