华阳股份：公司信息更新报告：Q3业绩环比大增，关注煤矿成长及高分红潜力

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained as "Buy" [1] Core Views - The report highlights a significant quarter-on-quarter increase in Q3 performance, focusing on coal mine growth and high dividend potential [1] - The company reported a total revenue of 18.6 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.1%, and a net profit attributable to shareholders of 1.82 billion yuan, down 57.4% year-on-year [1] - The report maintains profit forecasts for 2024-2026, expecting net profits of 2.71 billion yuan, 3.10 billion yuan, and 3.39 billion yuan respectively, with corresponding EPS of 0.75, 0.86, and 0.94 yuan [1] Summary by Sections Q3 Performance - In Q3, the company achieved a revenue of 6.4 billion yuan, a quarter-on-quarter increase of 6.0%, and a net profit of 520 million yuan, up 20.5% quarter-on-quarter [1] - The coal production for the first three quarters was 28.74 million tons, down 17.6% year-on-year, while coal sales were 26.58 million tons, down 15.9% year-on-year [1] Coal Business Insights - The average selling price of coal was 564 yuan per ton, a decrease of 7.0% year-on-year, while the cost per ton increased by 12.2% to 342 yuan [1] - The gross profit per ton of coal was 223 yuan, down 26.4% year-on-year, with the coal segment contributing a gross profit of 5.92 billion yuan, down 38.1% year-on-year [1] Non-Coal Business Development - The company has successfully launched its Yanqing Thermal Power Project, which is expected to enhance its power generation business significantly [1] - The sodium-ion battery and photovoltaic component businesses are progressing well, with the first commercial sodium-ion battery electric two-wheeler launched [1] Future Growth and Dividend Potential - The company has substantial coal production capacity under construction, with two mines expected to contribute 5 million tons per year each [1] - A cash dividend of 7.18 yuan per 10 shares is proposed, totaling 2.59 billion yuan, which is 50% of the company's net profit for the year, significantly higher than the previous year's 30% [1]