YANKUANG ENERGY(600188) 申万宏源·2024-04-30 02:02Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company [4][5][6] Core Views - The company reported a significant increase in production and sales volume despite a decline in coal prices, highlighting its high dividend yield [4][5] - The first quarter of 2024 saw a revenue of 39.63 billion yuan, a year-on-year decrease of 20.76%, but a quarter-on-quarter increase of 164.45% [4][6] - The company’s coal production reached 34.63 million tons, up 15.43% year-on-year, while sales volume increased by 7.11% to 34.18 million tons [4][5] - The report anticipates sustained high coal prices due to historical underinvestment in the coal industry, projecting earnings per share (EPS) of 2.19, 2.26, and 2.33 yuan for 2024-2026 [5][6] Summary by Sections Financial Performance - The company achieved a net profit of 3.76 billion yuan in Q1 2024, down 41.85% year-on-year [4][6] - The average selling price of coal decreased by 29.45% to 676 yuan per ton, while the cost per ton fell by 12.5% to 433 yuan [4][5] - The gross profit per ton of coal was 243 yuan, a decline of 47.6% year-on-year [4][5] Dividend Policy - The company plans to distribute a cash dividend of 1.49 yuan per share, resulting in a dividend yield of approximately 6.4% based on the current share price [5][6] Future Outlook - The report maintains earnings forecasts for 2024-2026, with projected PE ratios of 11, 10, and 10 respectively [5][6] - The coal chemical products segment showed growth in sales volume for naphtha and ethylene glycol, with respective year-on-year increases of 18.64% and 14.29% [4][5]