煤炭行业2024年三季报综述：一体化及规模化公司盈利仍强，煤炭红利仍然可期

Investment Rating - The report maintains an "A" rating for the coal mining and washing industry, indicating a positive outlook for integrated and large-scale companies [4]. Core Insights - The coal industry has experienced a decline in revenue and net profit in the first three quarters of 2024, but there are signs of improvement in Q3 compared to previous quarters. The total revenue for 30 listed coal mining companies reached 1,024.2 billion yuan, a year-on-year decrease of 6.80%, while the net profit attributable to shareholders was 121.58 billion yuan, down 19.86% year-on-year [1][100]. - The report highlights that integrated and large-scale companies have performed better, benefiting from their advantages in the supply chain, particularly as coal prices have adjusted and thermal power profitability has rebounded [2][3]. Summary by Sections Industry Fundamentals - Supply growth has slowed, and the price center has stabilized and begun to rise. Domestic coal production increased in Q3, partially compensating for earlier shortfalls, with a total production of 3.476 billion tons from January to September 2024, a year-on-year increase of 0.98% [50][58]. - Coal imports have continued to grow, with a total of 38.913 million tons imported in the first three quarters, reflecting an increase of 11.90% year-on-year [58]. - Demand from the non-electric sector has been weak, but macroeconomic policies have started to improve the operating environment, suggesting a potential recovery in demand [4][81]. Financial Summary - Q3 revenue and net profit have decreased, but there was a quarter-on-quarter improvement. The revenue for Q3 was 342.7 billion yuan, with a slight increase of 1.19% from Q2, while net profit was 39.97 billion yuan, up 2.44% from Q2 [100]. - The overall gross profit margin for the coal sector has declined but remains relatively high compared to historical levels, with a gross margin of 29.86% for Q1-Q3 2024 [103]. Performance Rankings - The top five companies in terms of revenue growth in Q3 were SuNeng Co., Huaihe Energy, Dayou Energy, Electric Power Investment Energy, and Liaoning Energy, indicating that some companies have managed to increase their revenues despite the overall industry downturn [110]. - Companies such as Electric Power Investment Energy, Huaihe Energy, and Shaanxi Coal have shown positive growth in net profit, benefiting from integrated operations and recovery in thermal power profitability [110].