NMHD(600863) 国泰君安·2024-07-25 09:01Investment Rating - The report maintains an "Accumulate" rating for Inner Mongolia Huadian [3][4] Core Views - The company's coal-electricity integration advantage is significant, highlighting its stable asset attributes [4] - The report projects stable earnings with EPS estimates of 0.36, 0.43, and 0.46 CNY for 2024 to 2026, and maintains a target price of 5.16 CNY [4] - The company reported a 1H24 electricity sales volume of 26.37 billion kWh, a year-on-year decrease of 0.41%, with an average electricity price of 340.4 CNY/MWh, down 5.23% year-on-year [4] Summary by Sections Sales and Pricing - In 2Q24, the company’s electricity sales volume was 13.01 billion kWh, showing a year-on-year increase of 0.3% but a quarter-on-quarter decrease of 2.5% [4] - The average electricity price in 2Q24 was estimated at 0.330 CNY/kWh, down 2.6% year-on-year and 5.9% quarter-on-quarter [4] Coal Production and Pricing - The company produced 3.542 million tons of coal in 2Q24, with a year-on-year increase of 1.9% and a quarter-on-quarter increase of 7.8% [4] - The average coal price in 2Q24 was 416.3 CNY/ton, reflecting a year-on-year increase of 3.5% [4] Financial Performance - The company’s total revenue for 2024 is projected at 21.971 billion CNY, a decrease of 2.5% from 2023 [8] - Net profit attributable to the parent company is expected to be 2.342 billion CNY in 2024, representing a year-on-year increase of 16.8% [8] Asset and Debt Management - The company’s total assets were reported at 39.875 billion CNY for 2024, with total liabilities of 15.310 billion CNY [9] - The net debt ratio stands at 39.26% [6] Future Outlook - The company aims to increase coal production to 15 million tons in 2024, enhancing its coal-electricity synergy [4] - The report indicates that the company is actively pursuing renewable energy projects, with a total installed capacity of approximately 1.19 GW as of May 2024 [4]