XINJI ENERGY(601918) 国泰君安·2024-07-31 23:31Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's performance in the first half of 2024 met market expectations, with revenue of 5.985 billion yuan (-4.4%) and net profit attributable to shareholders of 1.176 billion yuan (-10.11%) [1][3]. - The high proportion of long-term contracts (85%) stabilizes coal prices, while effective cost control maintains a good level of profit margin [1][3]. - The integration of coal and electricity continues to develop, enhancing the company's profitability and risk resistance [1][3]. Financial Summary - Revenue for 2024 is projected to be 13.654 billion yuan, with a growth rate of 6.3% compared to 2023 [2]. - Net profit attributable to shareholders is expected to reach 2.365 billion yuan in 2024, reflecting a 12.1% increase [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.91 yuan, 0.99 yuan, and 1.07 yuan respectively [1][2]. Operational Performance - In Q2 2024, the company achieved a coal production of 4.66 million tons (-8%) and sales of 4.58 million tons (-15%) [1]. - The average selling price of coal in Q2 was 553 yuan/ton, showing a year-on-year increase of 10 yuan/ton but a quarter-on-quarter decrease of 21 yuan/ton [1]. - The company's electricity generation in the first half of 2024 was 4.61 billion kWh (+12.41%), with a slight decline in Q2 due to increased hydropower generation [1][3]. Future Outlook - The target price has been adjusted to 10.92 yuan, reflecting an increase of 1.06 yuan from the previous estimate [1][5]. - The company is preparing to construct new power plants, which will further enhance its coal production capacity and electricity generation [1][3].