对于红利资产后市表现，国海证券分析师林加力认为，"红利资产作为底仓配置的价值依然存在，但过 去较为笼统的红利投资逻辑需要被重新审视。"投资者可将红利资产分为三大类，其中顺PPI周期的上游 资源类红利资产，在工业品价格承压的背景下尚处于逆风期；而与宏观经济关联度较低的公用事业类红 利资产，虽有防御价值但弹性或有不足；建议配置更能受益于本轮经济修复的"顺周期"方向，即顺CPI 周期的大消费板块。此外，重点看好受益于中长期维度坏账周期改善的银行业。 （文章来源：深圳商报） 今年4月以来，A股红利指数与港股红利资产持续发力。对于投资者来说，在当前市场环境下拥有较高 分红水平、较稳定ROE能力以及减震属性的红利类资产仍具备较强吸引力。业内认为，红利资产作为底 仓配置的价值依然存在，建议配置更能受益于本轮经济修复的"顺周期"方向。 历年经验显示，受年报披露及派息制度约束，A股通常会在5月-7月进入分红高峰期，高股息板块成为 资金配置的焦点。今年4月7日盘中，A股中证红利指数、中证红利低波指数分别创下5040.64点与 10348.71点的年内新低，同时也创下自去年9月底以来的低位纪录。随后以上两大指数持续反弹，自今 年4 ...

截止2025年3月31日，国泰君安中证港股通高股息投资指数发起(QDII)C前十持仓占比合计44.28%，分 别为：中远海控（9.76%）、兖煤澳大利亚（5.88%）、东方海外国际（3.94%）、民生银行 （3.73%）、中信银行（3.72%）、中国海洋石油（3.69%）、中国石油股份（3.58%）、中国银行 （3.42%）、中国神华（3.29%）、海丰国际（3.27%）。 本文源自：金融界 作者：基金君 7月1日，国泰君安中证港股通高股息投资指数发起(QDII)C（023074）下跌0.07%，最新净值1.13元，连 续5个交易日下跌，区间累计跌幅1.8%。 据了解，国泰君安中证港股通高股息投资指数发起(QDII)C成立于2025年1月，基金规模0.06亿元，成立 来累计收益率13.34%。 公开信息显示，现任基金经理张静女士:中国国籍,对外经济贸易大学金融学学士、上海财经大学MBA。 2006年起在意大利、荷兰、新加坡香港等地工作,历任英国瑞盟集团、上海敦煌财富管理公司家族办公 室负责人,负责客户家族资产海外投资管理;2016年8月加入上海国泰君安证券资产管理有限公司,历任跨 境业务部、国际业务部、全球资 ...

Financial Performance - Yancoal Australia's equity commodity coal production increased to 36.9 million tonnes in 2024, achieving near-optimal operational levels[26]. - Despite a 24% decline in average coal sales price to AUD 176 per tonne, Yancoal Australia reported an EBITDA of AUD 2.6 billion with an EBITDA margin of 37%[26]. - Cash operating costs for commodity coal decreased by AUD 3 per tonne to AUD 93 per tonne, with the second half of the year showing costs of AUD 86 per tonne[27]. - The company generated a significant cash balance of nearly AUD 2.5 billion by year-end, reflecting strong operational performance[26]. - Yancoal Australia produced 36.9 million tonnes of saleable coal in 2024, within the guidance range of 35.0 to 39.0 million tonnes[35]. - Cash operating costs were AUD 93 per tonne, also within the guidance range of AUD 89 to AUD 97 per tonne, with a notable decrease to AUD 86 per tonne in the second half of 2024[35]. - Capital expenditure for 2024 was AUD 705 million, falling within the guidance range of AUD 650 million to AUD 800 million[36]. - The average coal sales price for 2024 was AUD 176 per ton[103]. - The pre-tax profit for the fiscal year 2024 is projected to be AUD 1,815 million, reflecting a strategic optimization in production and market strategies[148]. - The basic earnings per share for the fiscal year 2024 is projected to be AUD 6.50, showing an increase from AUD 4.95 in fiscal year 2023[137]. Market and Sales - 86% of coal sales revenue in 2024 came from customers in China, Japan, and South Korea, highlighting strong market relationships in the Asia-Pacific region[27]. - The coal market experienced short-term fluctuations due to geopolitical tensions and climate issues, but has shown signs of recovery[182]. - The metallurgical coal market saw a decline in prices across all product categories due to reduced demand, particularly from the steel industry in China[183]. - Australia is expected to increase its share of the global seaborne thermal coal supply market from 19.1% in 2024 to approximately 33% by 2050[184]. - The company is actively seeking to expand its customer base and explore new markets in response to current market conditions[183]. Dividends and Shareholder Returns - Yancoal Australia announced a dividend of AUD 0.52 per share, totaling AUD 5 billion in dividends distributed to shareholders since 2018[30]. - The board declared a fully franked final dividend of AUD 429 million, equating to AUD 0.3250 per share, payable on April 30, 2024[39]. - The company has committed to paying at least 50% of its after-tax net profit as dividends, excluding exceptional items[47]. Safety and Operational Performance - The company is committed to achieving zero harm for employees and contractors, with a focus on improving safety performance in 2024[30]. - The rolling Total Recordable Injury Frequency Rate (TRIFR) for 2024 was 6.7, below the industry average of 9.0[103]. - The company's rolling 12-month Total Recordable Injury Frequency Rate (TRIFR) increased to 6.7 from 5.1 in the previous year, although it remains below the industry average of 8.7[198]. - The psychological health program has completed its third phase and is now entering the fourth phase, aiming to improve workplace safety and mental health[198]. - The company aims to achieve zero harm for employees and contractors through enhanced safety measures and regular reviews of control measures[197]. Governance and Leadership Changes - David Moult resigned as CEO effective January 14, 2025, with his employment ending on July 14, 2025[66]. - The company announced a leadership change with David James Moult resigning as CEO effective January 14, 2025, and Yue Ning appointed as acting CEO from the same date[80]. - The management team has undergone significant changes, indicating a strategic shift in leadership[66]. - The company is committed to enhancing its governance structure through the appointment of qualified independent directors[66]. - The board includes members with extensive experience in the mining industry, with several holding positions in other significant companies, indicating a strong governance structure[81]. Compensation and Incentives - The fixed annual salary plan aims to provide competitive compensation to attract and retain top talent, reflecting the roles and responsibilities of executives[117]. - The short-term incentive plan rewards executives based on the achievement of financial, operational, and strategic priorities, with 50% paid in cash, 25% deferred to equity for one year, and 25% deferred to equity for two years[110]. - The long-term incentive plan includes performance-based equity that vests after three years, with 60% based on earnings per share and 40% based on cost targets[110]. - The compensation framework aligns the interests of participants with the long-term goals of the company and its shareholders, integrating both short-term and long-term incentive plans[111]. - The target compensation mix for executives in 2024 shows a significant portion of at-risk pay awarded in performance equity[113]. Strategic Initiatives and Future Plans - The company plans to pursue growth opportunities through internal expansion and acquisition strategies to enhance its market position[30]. - Yancoal Australia aims to diversify its business beyond coal and explore strategic opportunities in alternative energy[30]. - The company is advancing plans for the Stratford potential renewable energy hub, aimed at beneficial land reuse post-mining[102]. - A decarbonization plan is being developed, including purchasing credits to meet emission requirements[102]. - The company has completed 32 out of 42 key tasks for 2024, demonstrating significant progress in strategic objectives[151]. Audit and Compliance - The total fees paid or payable to SW Audit for audit and non-audit services in 2024 amounted to AUD 1,463,000, compared to AUD 1,345,000 in 2023, reflecting an increase of approximately 8.8%[56]. - The audit and review of financial statements accounted for AUD 1,393,000 in 2024, up from AUD 1,279,000 in 2023, representing an increase of about 8.9%[56]. - The board has confirmed that all non-audit services provided by the auditors comply with the independence requirements of the Corporations Act 2001 (Cth)[59]. - The company has not faced any legal actions or interventions under the Corporations Act 2001 (Cth) during the reporting period[54].

Core Viewpoint - Yancoal Australia reported a decline in coal sales volume in Q1 2025, attributed to inventory consumption and sales timing adjustments, despite a strong coal market [1][2] Group 1: Sales Performance - In Q1 2025, Yancoal's equity sales volume was 8.4 million tons, down 1.1 million tons from the previous quarter [1] - The average sales price for thermal coal was 145 AUD/ton, while metallurgical coal averaged 218 AUD/ton [2] - Overall average sales price for Yancoal in Q1 2025 was 157 AUD/ton, down from 176 AUD/ton in the previous quarter and 180 AUD/ton in Q1 2024 [2] Group 2: Price Index Trends - The average API5 index price was 76 USD/ton, a 13% decrease from Q4 2024 [2] - The GCNewc index averaged 105 USD/ton, reflecting a 24% decline compared to the previous quarter [2] - Low volatile pulverized coal index averaged 140 USD/ton, down 11%, and semi-soft coking coal index averaged 117 USD/ton, down 15% [2] Group 3: Pricing Structure - Yancoal's sales prices are influenced by various factors including market premiums or discounts, washing and product specification capabilities, and available coal for blending [2] - The pricing structure is linked to indices such as the GlobalCOAL Newcastle port export price index and Platts indices for metallurgical coal [1]

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of HKD 34.20 [1][3][7] Core Views - The company achieved a revenue of AUD 6,860 million for the year, a decrease of 12% year-on-year, and a net profit of AUD 1,216 million, down 33% year-on-year. However, operating cash flow increased by 69% to AUD 2,136 million [1][2] - The dividend payout for the year was AUD 687 million, corresponding to a payout ratio of 56%, aligning with the company's guidance for 2024 [1][3] - Despite the decline in coal prices impacting net profit, the company's strong asset base, excellent management capabilities, and attractive dividend yield support the positive outlook [1][3] Summary by Sections Financial Performance - Revenue for FY 2024 is projected at AUD 6,252 million, with a further decline expected in FY 2025 to AUD 6,041 million, reflecting a year-on-year decrease of 8.9% and 3.4% respectively [5][12] - The net profit for FY 2024 is expected to be AUD 941 million, down 22.6% from the previous year, and AUD 912 million for FY 2026, down 3.1% [5][12] - The company reported a cash operating cost of AUD 93 per ton, a decrease of AUD 3 per ton year-on-year, benefiting from increased production [2][5] Market Position - The company’s market share in China has increased, with sales in China expected to rise from 29% to 36% of total sales in 2024, indicating its importance as a key market [2][3] - The long-term demand for thermal coal in India and Southeast Asia is expected to grow, despite supply-side challenges [2] Dividend Policy - The company maintains a dividend policy to distribute at least 50% of net profit or free cash flow, excluding non-recurring items, which supports its high dividend yield [3][5] - After the recent dividend payout, the company retains approximately AUD 1.8 billion in cash, indicating strong liquidity for potential future acquisitions [3][5]

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with a target price adjusted to HKD 37.45, reflecting a potential upside of 30.5% based on an 8.5x FY25 target P/E ratio [4][6][22]. Core Insights - Yancoal Australia's FY24 performance slightly missed expectations, with a 33.2% year-on-year decline in net profit to AUD 122 million, primarily due to higher costs for materials, consumables, and purchased coal [1][4]. - The company's revenue for FY24 decreased by 11.8% to AUD 686 million, influenced by a 24.1% drop in average coal prices [1][4]. - The proportion of revenue from China increased significantly from 20.6% in FY23 to 29.2% in FY24, surpassing Japan as the largest single revenue source [2][4]. Summary by Sections Financial Performance - FY24 net profit was AUD 122 million, down 33.2% from the previous year, while revenue fell to AUD 686 million [1][4]. - The cash operating cost per ton of coal decreased from AUD 96 in FY23 to AUD 93 in FY24, aligning with company guidance [1][4]. - The dividend payout ratio improved from 50.5% to 56.3%, exceeding expectations [1][4]. Production and Cost Guidance - The company set FY25 operational guidance consistent with FY24, targeting coal production of 35-39 million tons and cash operating costs of AUD 89-97 per ton [3][4]. - Production is expected to grow slightly by 0.5% to 37.1 million tons in FY25, with cash operating costs projected to rise to AUD 96 per ton [3][4]. Market Outlook - The report anticipates continued weakness in coal prices, with thermal and metallurgical coal prices expected to decline by 7.1% and 3.7% respectively in FY25, with a rebound expected in FY26 [3][4]. - The sensitivity analysis indicates that a 1% change in average coal prices could lead to a 2.4% change in net profit for FY25 [4][16].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (YAL) with a target price adjusted to HK$36 from HK$38 [1][32]. Core Insights - YAL's net profit for 2024 reached A$1.2 billion, a 33% decline year-on-year, but exceeded expectations by 8% due to unexpected foreign exchange gains of A$149 million [1][2]. - The company announced a final dividend of A$0.52 per share, aligning with its dividend policy and expected to boost investor confidence [1]. - YAL's production guidance for 2025 remains similar to 2024, with an increase in capital expenditure anticipated [1][2]. - The average selling price of coal has decreased, impacting revenue forecasts, leading to a downward revision of earnings estimates for 2025E and 2026E by 13% and 12% respectively [1][32]. Financial Performance Summary - Revenue for 2024 decreased by 12% to A$6.86 billion, despite a 14% increase in coal sales volume to 37.7 million tons, offset by a 24% drop in average selling price to A$176 per ton [2][4]. - The company reported a stable unit cash cost of A$86 per ton in the second half of 2024, with a significant cash balance of A$2.35 billion, representing 30% of its current market capitalization [2][4]. - The earnings forecast for 2025E is A$1.016 billion, reflecting a 16.4% decline from 2024, with a projected revenue of A$6.55 billion [4][35]. Operational Guidance - YAL's 2025 production guidance is set between 35 million to 39 million tons, with operating cash costs expected to range from A$89 to A$97 per ton [2][35]. - Capital expenditure is projected to be between A$750 million to A$900 million, indicating a year-on-year increase of 6% to 28% [2][35]. Valuation Metrics - The report indicates that YAL's valuation is not overly inflated, with a projected P/E ratio of less than 8 times for 2025E and a yield exceeding 6% [1][32]. - The company's market capitalization is approximately HK$37.9 billion, with a current share price of HK$28.70 [5].

Investment Rating - The report maintains a "BUY" rating for Yancoal Australia (YAL) with a target price revised down to HK$36 from HK$38, indicating a potential upside of 25.4% from the current price of HK$28.70 [3][29]. Core Insights - YAL's net profit for 2024 was A$1.2 billion, a decrease of 33% year-on-year, but 8% above estimates due to a significant foreign exchange gain of A$149 million. The company declared a final dividend of A$0.52 per share, with a pay-out ratio of 56%, aligning with its dividend policy and boosting investor confidence [1][9]. - The guidance for 2025 indicates stable output and unit costs compared to 2024, although capital expenditures are expected to increase. Earnings forecasts for 2025 and 2026 have been revised down by 13% and 12% respectively, primarily due to lower coal average selling prices (ASP) and slightly higher cost assumptions [1][29]. Financial Performance Summary - Revenue for FY24 was A$6.86 billion, down 12% year-on-year, with coal sales volume increasing by 14% to 37.7 million tonnes, offset by a 24% decline in blended coal ASP to A$176 per tonne. Other income surged fivefold to A$159 million, driven by the aforementioned FX gain [9][10]. - The company achieved a unit cash cost of A$86 per tonne in 2H24, remaining stable year-on-year, while net cash at the end of 2024 stood at A$2.35 billion, representing 30% of the current market capitalization [9][10]. Earnings Forecast - The earnings forecast for FY25 is A$1.016 billion, reflecting a 16.4% decline from FY24, with a projected EPS of A$0.77. For FY26, net profit is expected to rise slightly to A$1.075 billion, with an EPS of A$0.81 [2][32]. - The report outlines a gradual recovery in revenue growth, with projections of -4.5% for FY25, followed by slight increases of 0.8% and 2.2% in FY26 and FY27 respectively [2][32]. Valuation Metrics - The current P/E ratio is approximately 6.3x for FY24, with a projected decrease to 7.6x for FY25. The dividend yield is expected to decrease from 9.0% in FY24 to 6.6% in FY25 [2][32]. - The report emphasizes that despite the earnings cut, the current valuation remains attractive, with a yield exceeding 6% and a P/E ratio below 8x for FY25 [1][29].

Financial Performance - For the fiscal year ending December 31, 2024, Yancoal Australia Ltd reported total revenue of AUD 6.86 billion, a decrease of 12% compared to AUD 7.78 billion in 2023[13]. - The company's profit before tax (excluding non-recurring items) was AUD 1.69 billion, down 35% from AUD 2.58 billion in the previous year[13]. - Shareholders' net profit after tax (excluding non-recurring items) was AUD 1.22 billion, reflecting a 33% decline from AUD 1.82 billion in 2023[13]. - Basic earnings per share (excluding non-recurring items) decreased by 33% to 92.3 cents from 137.8 cents in 2023[13]. - The total dividend distribution for the fiscal year 2024 is expected to be AUD 687 million, compared to AUD 1.41 billion in 2023[15]. - The average coal sales price for 2024 was AUD 176 per ton[90]. - The offshore cash cost (excluding royalties) is reported at AUD 98.30 per ton, influenced by uncontrollable factors such as diesel prices and labor shortages[136]. - The total cash for the short-term incentive plan for 2024 is AUD 2,030,150, with 62% of the plan being deferred[140]. Dividend Information - The company declared a final cash dividend of approximately AUD 687 million, equivalent to AUD 0.52 per share, to be paid on April 30, 2025[4]. - The final dividend is fully tax-exempt income for shareholders[5]. - The board declared a fully franked final dividend of AUD 429 million, equating to AUD 0.3250 per share, payable on April 30, 2024[26]. Production and Operational Performance - Yancoal Australia produced 36.9 million tonnes of saleable coal in 2024, within the guidance range of 35.0 to 39.0 million tonnes[22]. - The cash operating cost for 2024 was AUD 93 per tonne, also within the guidance range of AUD 89 to AUD 97 per tonne, with a significant improvement to AUD 86 per tonne in the second half of the year[22]. - The company achieved a coal production target of 36.9 million tons for 2024, with cash operating costs at AUD 93 per ton[89]. - The total raw coal production is expected to increase by 4% from 60.2 million tons in 2023 to 62.7 million tons in 2024, with significant increases in production from the Yarrabee and Ashton mines[171]. - The company reported a 21% increase in raw coal production, reaching 43,928,044 tons in the 2023/2024 fiscal year compared to 36,440,860 tons in the previous year[191]. Corporate Governance and Compliance - The company’s financial report complies with the disclosure requirements of the Hong Kong Stock Exchange[3]. - Yancoal Australia is committed to high standards of corporate disclosure and transparency, ensuring timely communication with shareholders[27]. - The company has confirmed compliance with the conditions and requirements set by the Hong Kong Stock Exchange for the period from January 1, 2024, to December 31, 2024[31]. - The company has established governance processes to enhance sustainability performance, focusing on risk management related to social and environmental factors, including climate change[196]. Executive Compensation - The total cash compensation for the CEO, David James Moult, in 2024 is AUD 1,837,332, which includes a short-term incentive of AUD 1,223,800[147]. - The total cash compensation for the Executive Director, Yue Ning, in 2024 is AUD 536,334, with a short-term incentive of AUD 370,550[147]. - The total cash compensation for the CFO, Su Ning, in 2024 is AUD 589,335, including a short-term incentive of AUD 435,800[147]. - The total remuneration for all executives in 2024 amounts to AUD 2,963,001, reflecting a 61% performance-related component[147]. - The company has a competitive executive compensation framework aimed at attracting and retaining top talent, with a focus on aligning pay with shareholder performance[94]. Safety and Environmental Initiatives - The rolling Total Recordable Injury Frequency Rate (TRIFR) for the year was 6.7, below the industry average of 9.0[90]. - The company is committed to improving safety through initiatives like the "Yancoal Safety Every Day" program and a mental health program, which has reached its fourth phase[182]. - Total Scope 1 and Scope 2 emissions increased by 6%, totaling 2,086,402 tons of CO2 equivalent, up from 1,969,116 tons in the previous fiscal year[191]. - The company is actively researching emission reduction technologies to lower the number of required Australian Carbon Credit Units (ACCUs)[186]. Strategic Outlook - The future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by market expansion strategies[67]. - The company is actively pursuing partnerships to expand its market presence in Asia-Pacific regions, aiming for a 20% increase in market share by 2026[67]. - Strategic acquisitions are planned, targeting companies that enhance operational efficiency and market reach, with an estimated investment of AUD 50 million[67]. Market and Customer Insights - Revenue from coal sales in 2024 is expected to be significantly influenced by demand from customers in China, Japan, Taiwan, and South Korea, which accounted for approximately 86% of sales[164]. - The company is actively seeking to expand its customer base and explore new markets to mitigate the impact of market fluctuations[167].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with a target price of HKD 40.00, indicating a potential upside of 33.3% based on the current price of HKD 30.00 [4][6][17]. Core Insights - Yancoal Australia's FY24 operational performance is largely in line with expectations, with a 10% year-on-year increase in equity coal production to 36.9 million tons, slightly above the company's guidance of 35-39 million tons [1]. - The average selling price for thermal coal in FY24 decreased by 24% year-on-year to AUD 160 per ton, while metallurgical coal prices fell by 22% to AUD 276 per ton [2]. - The recent change in CEO is not expected to significantly impact the company's operations, as the new acting CEO has over 20 years of experience in coal mining operations and management [3]. Summary by Sections Operational Performance - FY24 equity coal production reached 36.9 million tons, a 10% increase from the previous year, exceeding the forecast of 35.7 million tons by 3% [1]. - Thermal coal sales increased by 15% to 32.5 million tons, slightly below the forecast of 32.9 million tons [1]. - Metallurgical coal sales rose by 10% to 5.2 million tons, surpassing the forecast of 4.6 million tons by 14% [1]. Pricing Trends - The average selling price for thermal coal in FY24 was AUD 160 per ton, down 24% year-on-year but 1% higher than the forecast [2]. - The average selling price for metallurgical coal in FY24 was AUD 276 per ton, which is 5% lower than the forecast [2]. Financial Projections - Revenue for FY24 is projected at AUD 6.798 billion, reflecting a 12.6% decrease from FY23 [5]. - Shareholder net profit is expected to decline by 28.6% to AUD 1.298 billion in FY24 [5]. - The earnings per share (EPS) for FY24 is forecasted at AUD 0.98, with a price-to-earnings (P/E) ratio of 6.0 times [5]. Market Position - Yancoal Australia is supported by its parent company, Yancoal Energy, which provides effective backing for its operations [3]. - The company has a market capitalization of approximately HKD 39.61 billion, with a circulating share ratio of 15.23% [6].