SHCI(601225) 国信证券·2024-09-02 04:03Investment Rating - The report maintains an "Outperform" rating for Shaanxi Coal and Chemical Industry Co., Ltd. (601225.SH) [5][10] Core Views - The company has shown steady performance in its coal business, with a focus on cost control and maintaining production levels despite a decline in coal prices. The company plans to distribute a mid-term cash dividend of 0.109 CNY per share, reflecting a 10% payout ratio to reward investors [1][8][10] - The report has adjusted profit forecasts downward due to lower-than-expected coal sales prices, projecting net profits of 21.9 billion CNY, 22.0 billion CNY, and 22.3 billion CNY for 2024-2026, respectively [2][10] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 84.74 billion CNY, a decrease of 6.5% year-on-year, and a net profit of 10.56 billion CNY, down 8.8% year-on-year. In Q2 2024, revenue was 44.29 billion CNY, a decline of 3.4%, while net profit increased by 26.5% to 5.90 billion CNY [1][6][10] - Coal production in H1 2024 reached 86.407 million tons, up 2.8% year-on-year, with sales of 131.55 million tons, an increase of 2.3% year-on-year. The average selling price of self-produced coal was 538.2 CNY per ton, down 56.6 CNY per ton year-on-year [1][7][10] Dividend Policy - The company announced a mid-term cash dividend of 0.109 CNY per share, with a dividend payout ratio of 10%, indicating a commitment to returning value to shareholders [8][10] Investment and Asset Management - The company has shifted the accounting method for its holdings in Salt Lake Shares to long-term equity investments, resulting in a decrease in the scale of financial assets measured at fair value. As of H1 2024, the total financial assets measured at fair value amounted to 12.48 billion CNY, a decrease of 6.03 billion CNY from the beginning of the year [9][10]