山西焦煤：产销恢复带动Q2盈利环比改善

Investment Rating - The investment rating for the company is maintained at "Accumulate - A" with a target price of 8.4 CNY for the next six months [2][3]. Core Views - The company is located in Shanxi, possessing abundant and high-quality coking coal resources, with cost control better than its peers. The expected capacity release from Huajin Coking Coal and potential asset injections from the group are promising [2]. - The company reported a significant decline in revenue and profit due to production disruptions from safety incidents and a decrease in coal prices. However, there are signs of recovery in Q2 2024 as production resumes [1][2]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 21.57 billion CNY, down 21.73% year-on-year, with a net profit of 1.966 billion CNY, up 56.47% year-on-year. The net profit excluding non-recurring items was 1.880 billion CNY, down 58.66% year-on-year [1]. - For Q2 2024, the company reported a revenue of 11.018 billion CNY, down 13.97% year-on-year but up 4.42% quarter-on-quarter. The net profit was 1.016 billion CNY, down 50.37% year-on-year but up 6.93% quarter-on-quarter [1]. - The coal business revenue for H1 2024 was 12.014 billion CNY, down 30.01% year-on-year, with a gross margin of 54.24%, down 11.1% year-on-year [1]. Future Projections - Revenue projections for 2024-2026 are 43.912 billion CNY, 45.496 billion CNY, and 45.968 billion CNY, with growth rates of -20.9%, 3.6%, and 1.0% respectively. Net profit projections are 4.516 billion CNY, 5.178 billion CNY, and 5.352 billion CNY, with growth rates of -33.3%, 14.7%, and 3.4% respectively [2][3].