SCIE(600546) 开源证券·2024-09-03 02:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The report highlights that the company's coal production and pricing improved on a quarter-on-quarter basis in Q2 2024, with a focus on new capacity and high dividends [4]. - The company reported a significant decline in revenue and net profit year-on-year for H1 2024, but showed recovery in Q2 with a 21.2% increase in revenue and a 21.3% increase in net profit compared to Q1 2024 [4]. - The long-term investment value of the company is emphasized due to the smooth progress of capacity release and the potential increase in dividend payout ratios [4]. Financial Summary - For H1 2024, the company achieved operating revenue of 14.06 billion yuan, down 32% year-on-year, and a net profit attributable to shareholders of 1.29 billion yuan, down 58.1% year-on-year [4]. - In Q2 2024, the company reported operating revenue of 7.7 billion yuan, with a quarter-on-quarter increase of 21.2%, and a net profit of 710 million yuan, also up 21.3% quarter-on-quarter [4]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.08 billion, 3.38 billion, and 3.68 billion yuan respectively, reflecting a year-on-year change of -27.8%, +9.8%, and +8.8% [4]. Production and Sales Performance - The company's coal production in H1 2024 was 15.38 million tons, down 27.4% year-on-year, with Q2 production at 7.87 million tons, up 4.7% quarter-on-quarter [4]. - The average selling price of self-produced coal in H1 2024 was 685.9 yuan per ton, down 6.1% year-on-year, with Q2 price at 705.9 yuan per ton, up 6.6% quarter-on-quarter [4]. - The gross profit per ton of self-produced coal improved in Q2 2024 to 400.2 yuan, up 13.1% quarter-on-quarter [4]. Capacity and Dividend Outlook - The report notes that the company is accelerating the approval process for capacity expansion, with several projects expected to increase production capacity significantly [4]. - The company's dividend payout ratio is projected to increase, with plans to distribute at least 60% of the distributable profits in cash for the years 2024-2026, provided certain conditions are met [4].