SCIE(600546) 国海证券·2024-04-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company's Q1 performance declined significantly due to falling coal prices and reduced production and sales volumes [2][4]. - The company's self-produced coal output was 7.5146 million tons in Q1 2024, down 15.0% quarter-on-quarter and 29.3% year-on-year [2]. - The average selling price of self-produced coal was 662 RMB/ton, a decrease of 17.1% year-on-year, while the average cost increased by 2.4% year-on-year [2]. - Recent market data indicates a slight rebound in coal prices, which may lead to improved performance for the company [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 6.356 billion RMB, a year-on-year decrease of 40.31%, and a net profit attributable to shareholders of 583 million RMB, down 65.81% year-on-year [2]. - The total market capitalization is approximately 28.131 billion RMB [2]. Production and Sales - The company reported a total coal sales volume of 9.2947 million tons in Q1 2024, with self-produced coal sales at 5.4615 million tons, reflecting a significant decline [2]. - The decline in production and sales is attributed to stricter safety regulations and operational adjustments in Shanxi province [2]. Market Outlook - Recent data shows a rebound in coal prices, with Qinhuangdao port's thermal coal price rising to 824 RMB/ton, indicating potential for improved future performance [2]. - The company is expected to see a gradual recovery in its financial performance as coal prices stabilize [2].