华阳股份：2024年三季报点评：24Q3业绩环比增长，七元矿进入联合试运转

Investment Rating - The report maintains a "Recommended" rating for Huayang Co., Ltd. (600348.SH) [5] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 18.602 billion yuan, down 14.09% year-on-year, and net profit at 1.819 billion yuan, down 57.42% year-on-year. However, there was a quarter-on-quarter increase in net profit of 21% in Q3 2024 [1][2] - The coal sales volume increased quarter-on-quarter, and the cost reduction led to a quarter-on-quarter increase in gross profit per ton of coal [2] - The commissioning of the Qiyuan coal mine's washing plant in September 2024 is expected to contribute to further production growth [3] - The company is expected to see a gradual increase in net profit from 2.394 billion yuan in 2024 to 3.560 billion yuan in 2026, with corresponding EPS of 0.66 yuan, 0.84 yuan, and 0.99 yuan respectively [3] Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 6.403 billion yuan, a year-on-year increase of 2.63% and a quarter-on-quarter increase of 5.99%. The net profit attributable to shareholders was 520 million yuan, down 58.72% year-on-year but up 20.51% quarter-on-quarter [1] - The coal production and sales for the first three quarters of 2024 were 28.74 million tons and 26.58 million tons respectively, down 17.60% and 20.73% year-on-year [2] - The average selling price of coal was 550 yuan per ton, with a gross profit margin of 41.92% in Q3 2024, reflecting a quarter-on-quarter increase [2][3] - The company’s financial forecasts indicate a revenue decline in 2024, with expected revenues of 23.999 billion yuan, followed by growth in subsequent years [4][6]