华阳股份：煤炭业务毛利环比改善，新资源获取助力未来成长

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" [1]. Core Views - The report highlights that the coal business has shown a quarter-on-quarter improvement in gross profit, supported by new resource acquisitions that enhance the company's growth potential [1][2]. - The company successfully acquired coal exploration rights in the Yujiazhuang block at a low cost, which is expected to strengthen its resource reserves and core competitiveness [1][2]. - The construction of Qiyuan and Poli coal mines is progressing steadily, with significant production increases anticipated in the coming years [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 18.602 billion yuan, a year-on-year decrease of 14.09%, and a net profit attributable to shareholders of 1.819 billion yuan, down 57.42% year-on-year [1]. - The third quarter of 2024 saw a single-quarter operating revenue of 6.403 billion yuan, a year-on-year increase of 2.63% and a quarter-on-quarter increase of 5.99% [1]. - The average selling price of coal for the first three quarters of 2024 was 564 yuan per ton, a decrease of 7% year-on-year, while the unit sales cost increased by 12.2% [1][2]. - The report forecasts net profits attributable to the parent company for 2024-2026 to be 2.241 billion, 2.440 billion, and 2.709 billion yuan respectively, with corresponding EPS of 0.62, 0.68, and 0.75 yuan per share [2][3]. Operational Highlights - The company achieved a raw coal production of 28.74 million tons in the first three quarters of 2024, a year-on-year decrease of 17.6%, while the sales volume of commercial coal was 26.58 million tons, down 15.9% year-on-year [1]. - The report indicates that the company has successfully completed the construction of key infrastructure at the Poli coal mine, which is expected to be operational by December 2025 [2].