华阳股份：三季度吨煤毛利环比上升，关注后续在建矿井落地

Investment Rating - The report maintains an "Accumulate-A" investment rating with a 6-month target price of 8.07 CNY [1][5]. Core Insights - The company reported a revenue of 18.19 billion CNY for the first three quarters of 2024, a decrease of 57.42% year-on-year, with a net profit of 5.20 billion CNY in Q3 2024, down 58.72% year-on-year but up 20.51% quarter-on-quarter [2][3]. - The company is expected to see an increase in coal production and resource reserves due to ongoing construction of new mines and successful bids for exploration rights [4][5]. - Revenue projections for 2024-2026 are 21.69 billion CNY, 23.83 billion CNY, and 24.37 billion CNY, with corresponding net profits of 2.37 billion CNY, 2.88 billion CNY, and 3.02 billion CNY, indicating a significant decline in 2024 followed by recovery in subsequent years [4][6]. Financial Performance Summary - For Q3 2024, the company achieved a coal production of 10.08 million tons, a decrease of 9.4% year-on-year, while the coal sales volume was 9.48 million tons, down 5.5% year-on-year [3]. - The average selling price of coal in Q3 2024 was 550 CNY per ton, a decrease of 2.5% year-on-year, while the cost per ton increased by 20.8% year-on-year to 319 CNY [3]. - The company’s financial forecasts indicate a net profit margin of 10.9% for 2024, improving to 12.1% in 2025 and 12.4% in 2026 [6][7].