煤炭行业周报：Q3业绩环比改善，板块估值存上行空间

Investment Rating - The report maintains an "Outperform" rating for the coal mining sector, indicating potential upward valuation space for the sector [1]. Core Viewpoints - Q3 performance shows a sequential improvement, with the overall coal industry revenue for the first three quarters of 2024 at 23,337.3 billion, down 10.4% year-on-year, and total profit at 4,595.1 billion, down 21.9% year-on-year. The listed coal companies reported revenues of 10,673 billion, down 8.1% year-on-year, and net profit of 1,196.4 million, down 21.8% year-on-year. Q3 revenue was 3,568.8 billion, down 4.6% year-on-year but up 2.1% sequentially, with net profit at 395.9 billion, down 9.6% year-on-year but up 3.3% sequentially. The sector's asset-liability ratio was 44.7%, a decrease of 1.2 percentage points compared to the same period [2]. Summary by Sections Industry Data Tracking - Price Analysis: The price of Q5500 thermal coal at Qinhuangdao port decreased to 848 yuan/ton, down approximately 7 yuan/ton (-0.82%) from the previous week. The price of Q5000 thermal coal at Taihu Island port also decreased by 7 yuan/ton (-0.9%) [14][15]. - Supply and Demand Analysis: The railway input volume at Qinhuangdao port increased to 56.2 million tons, up 11.95%, and the port throughput increased to 57.2 million tons, up 7.52% [26]. - Inventory Analysis: The total inventory at major ports increased, with southern ports' inventory at 32,747 million tons, up 0.03%, and northern ports' inventory at 34,952 million tons, up 1.68% [31]. Market Review - The coal sector outperformed the broader market, indicating a positive trend in market performance [8]. Recent Events - The report highlights that several listed companies in the coal sector have announced share buybacks and increased holdings, enhancing the investment value of the sector [2].