XINJI ENERGY(601918) 山西证券·2024-08-01 02:00Investment Rating - The report maintains a "Buy-A" rating for Xinji Energy (601918 SH) [1] Core Views - The company's performance meets expectations with coal and power integration offering growth potential [1] - Revenue and net profit declined slightly due to reduced coal sales volume [1] - Coal business saw decreased production and sales but increased prices [1] - Power business experienced both volume and price increases [1] - Future capacity expansion and coal-power integration advantages are expected to enhance profitability [2] Financial Performance - 24H1 revenue: 5 985 billion yuan (-4 40% YoY) [1] - 24H1 net profit: 1 176 billion yuan (-10 11% YoY) [1] - 24H1 EPS: 0 45 yuan/share (-10 00% YoY) [1] - 24H1 ROE: 8 42% (-2 3 percentage points YoY) [1] - 24H1 operating cash flow: 1 76 billion yuan (-10 24% YoY) [1] Coal Business - 24H1 coal production: 9 3602 million tons (-4 82% YoY) [1] - 24H1 coal sales: 9 1036 million tons (-10 24% YoY) [1] - 24H1 coal sales revenue: 5 136 billion yuan (-6 17% YoY) [1] - Average coal price: 564 2 yuan/ton (+24 47 yuan/ton YoY) [1] Power Business - 24H1 electricity generation: 4 353 billion kWh (+12 66% YoY) [1] - 24H1 electricity price: 0 41 yuan/kWh (+1 28% YoY) [1] - 24H1 power business revenue: 1 791 billion yuan (+2 18 billion yuan YoY) [1] Future Development - Current coal-power installed capacity: 2 000 MW [2] - Multiple power plant projects under construction with significant capacity expansion potential [2] - Coal consumption from existing power plants accounts for about 40% of total production [2] - Coal-power integration expected to improve profitability and risk resistance [2] Valuation and Forecast - 2024-2026 EPS forecast: 0 82\0 92\0 99 yuan [3] - 2024-2026 PE ratio: 10 5\9 4\8 7 [3] - 2024-2026 revenue growth: 2 4%\5 9%\7 8% [5] - 2024-2026 net profit growth: 1 2%\11 2%\7 9% [5] - 2024-2026 ROE: 14 2%\13 6%\13 2% [5]