Financial Performance - For the year ended December 31, 2024, the revenue decreased by 14% to HK$5,057 million compared to HK$5,891 million in 2023[20] - Gross profit for the same period fell by 25% to HK$2,588 million, with a gross profit margin of 51%, down from 59% in 2023[20] - Profit attributable to owners of the Company decreased by 21% to HK$1,494 million, compared to HK$1,889 million in 2023[20] - EBITDA for 2024 was HK$3,088 million, reflecting a 21% decline from HK$3,924 million in 2023[20] - The Group's net profit for 2024 was HK$1.81 billion, with net profit attributable to shareholders amounting to HK$1.49 billion, a decrease of 21% from the previous year[57] - Basic earnings per share decreased to HK30.12 cents, down approximately 20% YoY, consistent with the decrease in profit attributable to the owners[86] - The Group's net profit for the year was approximately HK$1,815 million, a decrease of approximately 21% YoY, primarily due to a drop in gross profit by approximately HK$878 million or 25% YoY[81] Assets and Liquidity - The total assets as of December 31, 2024, increased by 2% to HK$22,949 million from HK$22,492 million in 2023[22] - Cash and cash equivalents rose by 16% to HK$9,181 million, up from HK$7,945 million in 2023[22] - The current ratio improved by 7% to 4.25 times in 2024, compared to 3.97 times in 2023[22] - The Group maintained a healthy financial position with free bank balances and cash of approximately HK$9,181 million as of 31 December 2024, an increase from HK$7,945 million in the previous year[88] - The Group's current ratio was approximately 4.25 times, with cash and bank deposits totaling approximately HK$10.118 billion as of December 31, 2024[138] - The Group's free cash resources increased by 15% to approximately HK$9.196 billion as of December 31, 2024, compared to approximately HK$8.032 billion as of December 31, 2023[139] Production and Sales - For the year ended December 31, 2024, the Group produced approximately 4.96 million tonnes of raw coking coal, a year-on-year decrease of 6% from 5.25 million tonnes in 2023[70] - The production of clean coking coal was approximately 3.16 million tonnes, representing a year-on-year decrease of 3% from 3.25 million tonnes in 2023[70] - The sales volume of clean coking coal increased by 1% year-on-year, with both 2024 and 2023 fiscal years accounting for 100% of the Group's revenue[74] - The average selling price of clean coking coal decreased by 14% to RMB1,666 per tonne[57] - The average realized selling price of clean coking coal decreased by 14% year-on-year to RMB 1,666 per tonne, down from RMB 1,932 per tonne in 2023[75] - The sales volume of low-sulfur clean coking coal dropped significantly by 95% year-on-year, while medium-high sulfur clean coking coal accounted for 99% of total clean coking coal sales volume[75] Market Conditions - The coking coal market faced weak demand and loose supply conditions in FY 2024, leading to a decline in coal prices to the lowest levels in four years, negatively impacting financial performance[168] - Coking coal prices showed a volatile downward trend, particularly in the latter half of the year, due to sluggish steel demand and low inventory strategies adopted by steel companies[183] - The steel industry achieved a 22.7% year-on-year export growth, helping to mitigate domestic demand shortfalls[182] - China's crude steel output in 2024 was 1.005 billion tonnes, a 1.7% year-on-year decline, while pig iron production fell to 852 million tonnes, down 2.3%[53] - The average selling price of clean coking coal was RMB 1,666 per tonne, down 14% from RMB 1,932 per tonne in the previous year[78] Strategic Initiatives - The Group aims to enhance production management and cost control while increasing production capacity and resources through acquisitions to improve profitability[177] - The Group plans to accelerate the construction of intelligent coal mines and explore innovative applications of AI technology in coal production and operations[64] - The Group aims to deepen strategic initiatives, including technological upgrades, digital management, and smart mine construction to improve production and safety standards[189] - The company plans to shift its production focus from hard coking coal to semi-hard coking coal starting in 2024[37] Dividends and Shareholder Returns - The proposed final dividend per share for 2024 is HK$21.0 cents, an increase of 7% from HK$18.0 cents in 2023[20] - The Group paid total cash dividends of approximately HK$1,396 million during the year, down from approximately HK$2,031 million in the previous year[88] - The Group has proposed a final dividend of 21 Hong Kong cents per ordinary share for 2024, reflecting its commitment to providing stable returns to shareholders[66] Economic Environment - The Chinese economy achieved a GDP growth target of 5.0% in 2024, supported by proactive fiscal and monetary policies[50] - The global economic environment remains challenging, with rising protectionism and tariff barriers likely to depress overall demand in the steel industry[184] - The Chinese government has set a GDP growth target of 5% for 2025, with plans to expand local government special bonds to CNY 4.4 trillion, focusing on infrastructure and resolving local government debts[187] Compliance and Governance - The company has complied with relevant laws and regulations in both the PRC and Hong Kong throughout the reporting period[164] - The Group emphasizes its commitment to environmental, social, and governance (ESG) responsibilities, reflecting its proactive performance in sustainable development[194] - The company was rated Grade A in the "2024 Hong Kong Stock Exchange Listed Companies Energy Sector ESG Performance TOP 10," ranking sixth overall[154]

-11% 1% 14% 26% 39% 51% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 首钢资源 恒生指数 [Table_Report] 相关报告 股票研究 /[Table_Date] 2025.03.31 销售结构变化影响均售价，现金流保障持续高分红率 首钢资源(0639) ——首钢资源 2024 年年报点评 | [table_Authors] 黄涛(分析师) | 王楠瑀(研究助理) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 2.59 | | 021-38674879 | 021-38032030 | | | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | [Table_Market] | | | 登记编号 S0880515090001 | S0880123060041 | 交易数据 | | | | | 52 周内股 ...

证券研究报告 首钢资源 (639 HK) 港股通 分红逆势增长突显高股息配置价值 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国香港 | 煤炭 | 首钢资源 2024 年实现营业收入 50.6 亿港币，同比下降 14.2%，尽管全年 精焦煤销量受益于部分库存销售同比提升 1%，但全年平均售价受市场煤价 下行及产品结构改变拖累同比下行 13.8%，同时原煤单位生产成本同比提高 7%，公司毛利润同比下滑 25.3%至 25.9 亿元，归母净利润同比下降 20.9% 至 14.9 亿港币。公司宣派末期股息 21 港仙/股，叠加中期股息 9 港仙/股， 全年派发股息 30 港仙/股，同比提高 2 港仙/股（+7.1%），全年每股分红比 例达 100%，突破公司 2017 年以来 70-80%的分红比例区间，末期及全年 股息率分别达 8.1%/11.5%（3 月 27 日）。公司资产优质、运营稳健且分红 稳定在较高水平，维持"买入"。 产量下降受阶段性因素扰动，产品结构改变致售价同比降幅大于市场 公司 2024 年实现原焦煤产 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.40 [7][8]. Core Views - The company reported a revenue of HKD 5.06 billion for 2024, a decrease of 14.2% year-on-year, primarily due to a decline in average selling prices and increased production costs [1][2]. - Despite the revenue decline, the company declared a total dividend of HKD 0.30 per share, an increase of 7.1% year-on-year, with a dividend payout ratio reaching 100% [1][2]. - The company has a strong asset base and stable operations, which supports its high dividend yield of 11.5% [1]. Revenue and Profitability - The company achieved a net profit of HKD 1.49 billion in 2024, down 20.9% year-on-year, with a gross profit margin of 51.2% [5][13]. - The average selling price of premium coking coal decreased by 13.8% year-on-year, which was more significant than the market average decline [2][3]. Production and Cost Management - The company produced 4.96 million tons of raw coking coal in 2024, a decrease of 5.5% year-on-year, but production is expected to recover in the second half of 2024 [2][3]. - The production cost of raw coal increased by 7% year-on-year to HKD 429 per ton, influenced by various cost factors including resource taxes and labor [3][4]. Financial Forecast and Valuation - The forecasted net profit for 2025 is adjusted to HKD 1.05 billion, reflecting a 39% decrease from previous estimates [4][12]. - The valuation method has been adjusted to a Dividend Discount Model (DDM), with a conservative assumption of an 80% dividend payout ratio and a target price of HKD 3.40 [4][12]. Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at HKD 0.30, with a price-to-earnings (PE) ratio of 8.67 [5][21]. - The return on equity (ROE) is expected to decline to 9.12% in 2024, down from 11.43% in 2023 [5][21].

Financial Performance - For the year ended December 31, 2024, total revenue decreased by 14% to HKD 5,057 million from HKD 5,891 million in 2023[2] - Gross profit fell by 25% to HKD 2,588 million, resulting in a gross margin of 51%, down from 59%[2] - Net profit attributable to owners decreased by 21% to HKD 1,494 million compared to HKD 1,889 million in the previous year[2] - EBITDA declined by 21% to HKD 3,089 million from HKD 3,924 million in 2023[2] - The company reported a decrease in total comprehensive income to HKD 1,398 million from HKD 1,884 million in 2023, a decline of 26%[5] - The total revenue from customer contracts for the year ended December 31, 2024, was HKD 5,057,000, a decrease from HKD 5,891,068 in 2023, representing a decline of approximately 14.1%[15] - The company reported a net profit attributable to shareholders of HKD 1,494,066,000 for 2024, down from HKD 1,889,247,000 in 2023, indicating a decrease of about 20.9%[23] - The basic and diluted earnings per share for 2024 were HKD 0.301, compared to HKD 0.375 in 2023, reflecting a decline of approximately 19.7%[23] - The company’s top five customers accounted for approximately 62% of total operating revenue, with the largest customer contributing about 40%[39] Dividends and Payouts - The company proposed a final dividend of HKD 0.21 per share, up from HKD 0.18 in 2023, resulting in a total payout ratio of approximately 100% for the year[2] - The company declared a final dividend of HKD 0.18 per share for 2023, totaling HKD 886,831,000, down from HKD 0.28 per share in 2022, which amounted to HKD 1,414,515,000[22] - The total dividend proposed for the year ended December 31, 2024, is HKD 30 per share, an increase from HKD 28 per share in 2023[31] Assets and Liabilities - Total assets increased to HKD 22,948 million, up from HKD 22,492 million in 2023, reflecting a growth of 2%[6] - Current ratio improved to 4.25 from 3.97 in the previous year, indicating better short-term financial health[2] - Cash and cash equivalents rose to HKD 7,676 million, compared to HKD 6,552 million in 2023, showing an increase of 17%[6] - The net asset value attributable to owners per share decreased by 2% to HKD 3.24 from HKD 3.30 in the previous year[2] - The group's accounts payable decreased to HKD 282.26 million in 2024 from HKD 303.10 million in 2023[28] - The group's impairment loss on trade receivables decreased to HKD 182.86 million in 2024 from HKD 184.43 million in 2023[28] - The group’s total accounts receivable and notes receivable were recorded at HKD 757.52 million in 2024, compared to HKD 621.47 million in 2023[28] Production and Sales - The group's raw coking coal production decreased by 6% to approximately 4.96 million tons in 2024, down from 5.25 million tons in 2023[34] - The group's refined coking coal production fell by 3% to about 3.16 million tons in 2024, compared to 3.25 million tons in 2023[35] - The sales volume of refined coking coal increased by 1% to 3.13 million tons in 2024, up from 3.10 million tons in 2023[34] - The average selling price of refined coking coal decreased by 14% to RMB 1,666 per ton in 2024, down from RMB 1,932 per ton in 2023[34] - The cost of sales increased by approximately HKD 44 million or 2% year-on-year to HKD 2.469 billion, primarily due to a 1% increase in coking coal sales volume[42] Operational Changes and Strategy - The company reported no significant operational changes during the year, maintaining its focus on coking coal mining and production[8] - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or future periods[11] - The company plans to assess the impact of newly issued accounting standards on its financial performance and position, although it has not yet determined if these will have a significant effect[13] - The group did not engage in any significant investments or acquisitions during the fiscal year ending December 31, 2024[56] - The company completed the construction acceptance of its coal mine project in 2024 and obtained a safety production license[72] - The company aims to enhance production management and safety capabilities through digital management and automation[72] Governance and Management - The company has complied with the corporate governance code as per the listing rules during the fiscal year ending December 31, 2024[75] - The board of directors is composed of key executives including the chairman and several independent directors[80] - The presence of both executive and independent directors suggests a focus on governance and oversight in decision-making[80] - The board's composition reflects a diverse range of expertise, which may enhance strategic decision-making processes[80] Market and Economic Conditions - The company’s external customer revenue from China represents the majority of its total revenue, highlighting its reliance on this market[16] - The total revenue from external customers in Hong Kong remained at zero for 2024, compared to HKD 4,061 in 2023, indicating a complete withdrawal from this market[16] - The group experienced a foreign exchange loss of approximately HKD 168 million due to the depreciation of the RMB against the HKD[62] - The average trading volume increased by 11% for the year ending December 31, 2024, improving liquidity in stock trading[67] - The current ratio as of December 31, 2024, was 7% higher compared to December 31, 2023, and free cash resources increased by 15% year-on-year[67]

Investment Rating - The report indicates a positive sentiment towards the company, highlighting the successful oversubscription of the rights issue, which reflects shareholder confidence in the company's business development [1]. Core Viewpoints - The rights issue was well-received, with a subscription rate of approximately 4.44 times the available shares, indicating strong interest from existing shareholders [1]. - The total amount raised from the rights issue is expected to be around HKD 427 million, with a net amount of approximately HKD 425 million after expenses [1]. - Following the rights issue, the major shareholder's stake increased from 17.52% to 18.07%, while another shareholder's stake slightly decreased, indicating a shift in the ownership structure [1]. - The report suggests that the company has sufficient cash reserves to support its coking coal business and ensure stable high dividends for shareholders, presenting long-term investment value [1]. Summary by Sections Rights Issue Details - The rights issue was based on a ratio of one new share for every thirty existing shares held, priced at HKD 2.60 per share [1]. - A total of 164,227,928 new shares were offered, with 52 valid acceptances and applications received by the deadline [1]. Shareholder Confidence - The oversubscription of the rights issue demonstrates existing shareholders' confidence in the company's future performance and its coking coal business [1]. - The report notes that while there may be some dilution of earnings per share (EPS) due to the new shares, the rights issue was structured to consider existing shareholders' interests [1]. Future Outlook - The company is expected to see a recovery in coal production and sales in 2025, supported by ample cash reserves for future operations [1]. - The report emphasizes the potential for improved profitability and sustained returns for shareholders in the long run [1].

SHOUGANG FUSHAN RESOURCES GROUP LIMITED 首鋼福山資源集團有限公司 Stock Code 股份代號 : 639 =0 2024 INTERIM REPORT 中期報告 CONTENTS 目錄 CORPORATE INFORMATION 公司資料 2 FINANCIAL HIGHLIGHTS 財務摘要 4 REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 中期財務資料審閱報告 6 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 簡明綜合損益及其他全面收益表 8 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表 10 | --- | --- | |--------------------------------------------------------|--------------------| | | | | CONDENSE ...

Investment Rating - The report maintains a "Buy" rating for Shougang Resources [3][10]. Core Views - The company's total revenue for the first half of 2024 was HKD 2.53 billion, a decrease of 27.6% year-on-year, while the profit attributable to shareholders was HKD 840 million, down 32%, aligning with market expectations [3]. - The production volume is expected to recover in the second half of the year, with an annual forecast of 4.8 to 5 million tons, following a decline due to temporary shutdowns [3]. - The average selling price of premium coking coal in the first half was HKD 1,938 per ton, a slight decrease of 2% year-on-year, while the average market benchmark price increased by 3% [3]. Summary by Sections Financial Performance - Total revenue for 2024 is projected at HKD 5.33 billion, with a year-on-year decrease of 9.58% [5]. - Net profit estimates for 2024 and 2025 have been revised down to HKD 1.695 billion and HKD 1.844 billion, respectively, reflecting a decrease of 6.55% and 5.36% [3][5]. - The company’s average cost per ton in the first half was HKD 450, up from HKD 401 in the previous year, primarily due to reduced production and increased resource taxes [3]. Production Insights - The company’s coal production in the first half was 2.25 million tons, a 15% decline year-on-year, with premium coking coal production down 31% to approximately 1.29 million tons [3]. - The company has a total approved production capacity of 5.25 million tons, with the Xingu mine accounting for 1.75 million tons, and is expected to achieve an annual production of 4.8 to 5 million tons [3]. Market Dynamics - The report notes a significant change in the sales structure, with low-sulfur premium coking coal sales dropping by 91%, now accounting for only 3% of total sales [3]. - The company’s coal washing rate fell below 60%, compared to over 70% in the first half of 2023, attributed to the temporary shutdown of the Xingu mine [3].

Investment Rating - The report assigns a rating of "Hold" for the company based on its current financial performance and future outlook [1]. Core Viewpoints - The company's revenue for the six months ending June 30, 2024, was HKD 2.498 billion, a decrease of 27% year-on-year, with gross profit falling to HKD 1.406 billion, down 37% [1]. - The attributable profit to shareholders was HKD 837 million, a decline of 32%, with basic earnings per share at HKD 0.17, and an interim dividend of HKD 0.09 per share proposed [1]. - The decrease in revenue and profit was primarily due to a drop in both the volume and price of premium coking coal, alongside rising production costs [1]. - The company expects to recover its production levels to between 5-5.25 million tons in the next year, following the successful commissioning of new mining operations [1]. - The company maintains a strong cash position of approximately HKD 9.22 billion, which supports its ability to sustain high dividend payouts despite reduced capital expenditures [1]. Summary by Sections Financial Performance - Revenue decreased to HKD 2.498 billion, a 27% decline year-on-year - Gross profit fell to HKD 1.406 billion, down 37% - Attributable profit to shareholders was HKD 837 million, a 32% decrease - Basic earnings per share were HKD 0.17, with an interim dividend of HKD 0.09 proposed [1]. Production and Costs - Premium coking coal sales volume dropped by 25%, with an average selling price down by 2% - Raw coking coal production decreased by 15%, with production costs rising by 13% to HKD 453 per ton [1]. - The company has adjusted its full-year production guidance for raw coking coal to 4.8-5.25 million tons for 2024 [1]. Future Outlook - Production is expected to recover to 5-5.25 million tons next year due to new mining operations coming online [1]. - The company anticipates a reduction in capital expenditures to approximately RMB 400-500 million, which will help maintain high dividend payouts [1].