煤炭行业周报：季报压力逐步释放，焦煤更具投资价值

Investment Rating - The industry rating is "Overweight" [5][60] Core Viewpoints - The coal sector has experienced a decline of 7% recently, underperforming the benchmark index (CSI 300) by 5.8 percentage points [2] - Domestic thermal coal prices have decreased, with a current market price of 830 CNY/ton, down 1.19% week-on-week [3] - Coking coal prices have shown a steady increase, with the price in Liupanshui, Guizhou reaching 2050 CNY/ton, up 7.89% week-on-week [4] - The overall profitability of coal companies has declined, with a year-on-year drop of 26.4% in 2023 and 34.7% in Q1 2024 [5][60] Summary by Sections Market Review - The coal sector's PE valuation is at 11.08 times, at the 60.59th percentile over the past decade, while the PB valuation is at 1.46 times, at the 65.88th percentile, indicating a decline in valuations [2] Thermal Coal Price Trends - Domestic thermal coal prices are expected to remain weak due to low seasonal demand, with supply unlikely to see significant increases [3] Coking Coal Price Trends - Coking coal prices are expected to improve due to limited supply and recovering demand from steel mills, with profitability in the steel sector improving significantly [4] Investment Recommendations - Given the current market conditions and the marginal improvement in coking coal fundamentals, it is recommended to focus on companies with superior coking coal resources, maintaining an "Overweight" rating for the industry [5][60]