华阳股份2024年三季报点评：Q3量利环比齐增，资源储备优势保障产量增量

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [4][9]. Core Views - The company's performance slightly missed expectations, but both volume and profit increased sequentially in Q3. The pressure on production decline has passed, and coal prices are expected to rise in Q4. The resource reserve advantage ensures continued production growth [2][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 18.602 billion yuan, down 14.09% year-on-year, and a net profit attributable to shareholders of 1.819 billion yuan, down 57.42%. In Q3 alone, revenue was 6.403 billion yuan, up 2.63% year-on-year and 5.99% sequentially, with a net profit of 520 million yuan, down 58.72% year-on-year but up 20.51% sequentially [9][10]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.67, 0.76, and 0.89 yuan, respectively, down by 0.07 yuan for each year [9]. Production and Sales - The total production for the first three quarters was 28.7422 million tons, down 17.6% year-on-year, with purchased coal of 2.5192 million tons and sales of 26.5818 million tons, down 15.9% year-on-year. In Q3, the raw coal production was 10.08 million tons, down 9.3% year-on-year and 0.7% sequentially, while sales were 9.48 million tons, down 5.5% year-on-year but up 7.5% sequentially [9][10]. Cost and Pricing - The average coal price for the first three quarters of 2024 was 564.33 yuan per ton, down 7.1% year-on-year. In Q3, the price was 550 yuan per ton, down 2.5% year-on-year but up 1.4% sequentially. The cost per ton was 319 yuan, up 21.1% year-on-year but down 8.0% sequentially, resulting in a gross profit of 230 yuan per ton, down 23.2% year-on-year but up 9.6% sequentially [9][10]. Resource Reserves - On August 22, 2024, the company acquired coal exploration rights in Shouyang County for 6.8 billion yuan, adding approximately 630 million tons of coal resources. The total coal resource reserves now amount to nearly 7 billion tons, primarily consisting of rare coal types such as anthracite, providing substantial resource security for the company's development [9][10].