上市煤企全解析（三）：成本（2024年）

Investment Rating - The report maintains a "Buy" rating for several coal companies, including China Qinfa, Anyuan Coal Industry, Electric Power Energy, China Shenhua, and others [7]. Core Viewpoints - The coal mining industry is expected to see stable production costs in 2024, with a focus on companies with strong performance elasticity and potential for recovery [1][4]. - The report highlights the cost structure of coal companies, indicating that the complete cost of coal varies significantly between different companies, with some achieving lower costs due to operational efficiencies [1][18]. Summary by Sections 1. Coal Company Cost Structure - The report analyzes the cost structure of coal companies, emphasizing the use of the complete cost method to reflect actual production costs [12][14]. - Direct costs, manufacturing costs, and complete costs are discussed, with the complete cost method being the most widely accepted in the industry [12]. 2. Domestic Listed Coal Company Costs - A total of 16 listed coal companies for thermal coal and 11 for coking coal are analyzed, with 2024 production estimates of 1.11 billion tons and 210 million tons, respectively [16][25]. - The report provides detailed cost comparisons, indicating that the sales cost for thermal coal ranges from 89 to 391 RMB/ton, while for coking coal, it ranges from 301 to 885 RMB/ton [18][27]. 3. Investment Strategy - Recommended stocks include Lu'an Huanneng, Yanzhou Coal, and Jinkong Coal, with a focus on companies like China Shenhua and China Coal Energy for their strong fundamentals [1][7]. - The report suggests that companies with strong performance metrics will likely see better stock performance, emphasizing the importance of operational efficiency [1][7]. 4. Cost Comparisons - The report details the cost comparisons among various coal companies, highlighting the lowest and highest costs for sales, cash flow, and complete costs [18][27]. - For thermal coal, the lowest sales costs are attributed to Electric Power Energy, Huahua Energy, and Yitai Coal, while the highest are linked to Zhengzhou Coal Electricity, Lanhua Ketech, and Xinjie Energy [18][27]. 5. Future Outlook - The report anticipates stable cost levels for thermal coal companies in 2024, with slight increases in cash flow and complete costs compared to 2023 [36]. - The report notes that while some companies will see cost reductions, others will experience increases, indicating a mixed outlook for the industry [41].