YANKUANG ENERGY(600188) 开源证券·2024-09-02 16:30Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5]. Core Views - The report highlights that the company's performance is under pressure due to declining coal prices, but it maintains high dividends and growth potential. The company has set long-term development plans and is focusing on transitioning towards new energy and materials [5]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 72.31 billion yuan, a year-on-year decrease of 24.1%. The net profit attributable to shareholders was 7.57 billion yuan, down 31.6% year-on-year. The adjusted net profit was 7.30 billion yuan, a decrease of 27.4% year-on-year. In Q2 alone, the operating revenue was 32.68 billion yuan, a quarter-on-quarter decline of 17.6%, with a net profit of 3.81 billion yuan, a quarter-on-quarter increase of 1.5% [5]. Coal Business Performance - In H1 2024, the company sold 69.08 million tons of coal, an increase of 8.2% year-on-year, while the average selling price of coal decreased by 23.5% year-on-year to 698 yuan per ton. The gross profit per ton of coal was 270 yuan, down 33.8% year-on-year [5]. Growth Potential - The company has significant growth potential in coal production, with plans to produce 140 million tons of coal in 2024, a 6.0% increase from 2023. The company has also made acquisitions that add 26.6 billion tons of coal resources [5]. Dividend Commitment - The company has committed to a dividend payout ratio of no less than 60% from 2023 to 2025, with a cash dividend of at least 0.5 yuan per share. For 2023, the cash dividend is set at 1.49 yuan per share, corresponding to a dividend yield of 6.2% based on the current closing price [5].