SHENHUO COAL&POWER(000933) 开源证券·2024-08-20 14:30Investment Rating - Buy (Maintained) [2] Core Views - The company's performance was dragged down by the decline in both volume and price of its coal business, but the growth potential of its coal and aluminum businesses is promising [4] - The company achieved revenue of 18.22 billion yuan in H1 2024, a year-on-year decrease of 4.7%, and net profit attributable to shareholders of 2.28 billion yuan, a year-on-year decrease of 16.6% [4] - The coal business saw a year-on-year decline in production and sales volume, with H1 2024 production and sales of 3.228 million tons and 3.151 million tons, respectively, down 15.0% and 18.8% year-on-year [4] - The electrolytic aluminum business achieved a year-on-year increase in production and sales volume, with H1 2024 production and sales of 750,000 tons each, up 3.2% and 2.3% year-on-year [4] - The aluminum foil business saw a year-on-year increase in sales volume, with H1 2024 sales of 41,300 tons, up 7.3% year-on-year [4] Business Performance Coal Business - H1 2024 coal production and sales were 3.228 million tons and 3.151 million tons, respectively, down 15.0% and 18.8% year-on-year [4] - The average coal price in H1 2024 was 1,114 yuan/ton, down 2.4% year-on-year, while the cost per ton was 785 yuan/ton, up 37.1% year-on-year [4] - The gross profit per ton of coal was 329 yuan/ton, down 42.1% year-on-year, with a gross margin of 29.6%, down 20.3 percentage points year-on-year [4] Electrolytic Aluminum Business - H1 2024 aluminum production and sales were 750,000 tons each, up 3.2% and 2.3% year-on-year [4] - The average aluminum price in H1 2024 was 15,608 yuan/ton, down 5.9% year-on-year, while the cost per ton was 11,550 yuan/ton, down 9.5% year-on-year [4] - The gross profit per ton of aluminum was 4,058 yuan/ton, up 6.2% year-on-year, with a gross margin of 26%, up 3.0 percentage points year-on-year [4] Aluminum Foil Business - H1 2024 aluminum foil production and sales were 41,500 tons and 41,300 tons, respectively, down 1.2% and up 7.3% year-on-year [4] - The company has a total aluminum foil production capacity of 140,000 tons, with 55,000 tons dedicated to battery aluminum foil [4] Future Growth Potential - The expansion project of Liangbei Coal Mine is expected to contribute incremental production capacity, with the potential for further capacity increases in the future [4] - The company is actively promoting the development of the Wucaiwan No. 5 Mine and the battery foil project, with plans for additional battery foil capacity in Yunnan [4] - The company's high profitability is expected to continue, supported by the expansion of coal and aluminum businesses [4]