Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

神火股份(000933)2024年报点评：电解铝成本上行 拖累公司业绩 铝板块利润修复空间大 公司煤炭产量有所下滑，铝产品产量稳中向好。2024 年，公司主要产品基本产销平衡，公司生产 铝产品162.85 万吨，同比+7.28%，销售162.89 万吨，同比+6.65%，分别完成年度计划的108.57%、 108.59%；生产煤炭673.90 万吨，同比-6%，销售670.13 万吨，同比-7.5%，分别完成年度计划的 94.92%、94.38%；生产碳素产品43.83 万吨，同比-20%，销售44.54 万吨，同比-16%，分别完成年度计 划的98.12%、89.68%；生产铝箔9.68 万吨，同比+20%，销售9.79 万吨，同比+20%，分别完成年度计划 的99.30%、100.45%。 投资建议：考虑煤炭和氧化铝价格下行，我们预计2025-2027 年实现归母净利润分别为55.6 亿元、 63.9 亿元、70.8 亿元（25-26 年前值为58.6 亿元、67.2 亿元），同比+29.2%、+14.8%、+10.9%。公司 分为煤炭和电解铝两个主要板块，我们分别根据可比公司对两块业务采用分部估值，根据 ...

煤炭量价齐跌致业绩承压，电解铝业务盈利略有改善（1）煤炭业务：产销量方面，公司煤炭核定 产能855 万吨/年，2024 年公司煤炭产量673.9 万吨，同比-6%，其中无烟煤/贫煤、贫瘦煤产量 294.4/379.6 万吨，同比+0.5%/-10.5%；2024 年公司煤炭销量670.1 万吨，同比-7.5%，其中无烟煤/贫 煤、贫瘦煤销量290.2/379.9 万吨，同比-2.8%/-10.8%。售价方面，2024 年公司吨煤综合售价1019.3 元/ 吨，同比-7.8%。成本方面，受煤炭产量下滑影响，2024年公司吨煤综合成本849.4 元/吨，同比 +33.5%。盈利方面，受煤价下滑及成本提升影响，2024 年公司吨煤毛利169.8 元/吨，同比-63.8%。 （2）电解铝业务： 产销量方面，公司电解铝产能170 万吨/年（其中新疆煤电80 万吨/年、云南神火90 万吨/年）， 2024 年公司铝产销量162.9/162.9 万吨，同比+7.3%/6.7%；售价方面，2024 年公司吨铝售价15956.4 元/ 吨，同比-3.7%；成本方面，2024 年公司吨铝成本为11949.4 万吨，同比-5.2% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance has been pressured by declining coal prices and sales, but there is potential for growth in coal and aluminum segments, along with improved dividend returns for investors [4][5] - For 2024, the company reported operating revenue of 38.37 billion yuan, a year-on-year increase of 1.99%, while net profit attributable to shareholders decreased by 27.07% to 4.31 billion yuan [4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.81 billion, 6.46 billion, and 7.01 billion yuan respectively, indicating year-on-year growth of 34.9%, 11.2%, and 8.5% [4][5] Financial Summary - In 2024, the company achieved a coal production of 6.739 million tons, a decrease of 6% year-on-year, with a total coal sales volume of 6.701 million tons, down 7.5% [5][6] - The average selling price of coal in 2024 was 1,019.3 yuan per ton, a decrease of 7.8% year-on-year, while the comprehensive cost per ton increased by 33.5% to 849.4 yuan [5][6] - The aluminum segment showed a production increase of 7.3% year-on-year, with a total output of 1.629 million tons in 2024, and a slight improvement in profitability due to cost reductions [5][6] Future Outlook - The company anticipates an increase in coal production to approximately 7.2 million tons in 2025, supported by technical upgrades at the Liuhe coal mine [6] - The dividend payout ratio for 2024 was 41.78%, an increase of 11.3 percentage points from 2023, resulting in a current dividend yield of 4.1% based on the closing price on March 24, 2025 [6]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [7][15]. Core Views - The company's performance has been negatively impacted by rising costs in the electrolytic aluminum sector, while there is significant potential for profit recovery in the aluminum segment [6][7]. - In 2024, the company achieved total revenue of 38.373 billion yuan, a year-on-year increase of 1.99%, but the net profit attributable to shareholders decreased by 27.07% to 4.307 billion yuan [6][7]. - The report highlights that the company’s investment income increased significantly, contributing to the overall profit despite the decline in core business performance [6][7]. Financial Summary - **2024 Financial Performance**: - Total revenue: 38.373 billion yuan, up 1.99% year-on-year - Net profit: 4.307 billion yuan, down 27.07% year-on-year - Q4 performance: Total revenue of 10.059 billion yuan, up 11.82% year-on-year, but net profit down 57.38% year-on-year [6][7]. - **Future Projections**: - Expected net profits for 2025, 2026, and 2027 are projected at 5.563 billion yuan, 6.387 billion yuan, and 7.084 billion yuan respectively, reflecting year-on-year growth rates of 29.2%, 14.8%, and 10.9% [6][7][8]. - **Valuation Metrics**: - The report provides a target price of 22.2 yuan for 2025, with a current price of 19.44 yuan, indicating potential upside [6][7]. - The projected P/E ratios for 2025, 2026, and 2027 are 8, 7, and 6 respectively [6][7]. - **Production and Sales**: - In 2024, aluminum product production was 1.6285 million tons, up 7.28% year-on-year, while coal production decreased by 6% to 6.739 million tons [6][7]. - The company maintained a balanced production and sales strategy across its main products [6][7]. Market Context - The report notes that the domestic prices for electrolytic aluminum and alumina increased by 6.6% and 37% respectively, while coal prices saw a decline, impacting the company's profitability [6][7]. - The company’s strategic focus on its core business and divestment from non-core assets is expected to enhance its financial performance moving forward [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance is under pressure due to a decline in both coal prices and sales, but there is potential for growth in coal and aluminum segments, along with improved dividend returns for investors [4][5] - The company reported a revenue of 38.37 billion yuan in 2024, a year-on-year increase of 1.99%, while the net profit attributable to shareholders decreased by 27.07% to 4.31 billion yuan [4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.81 billion, 6.46 billion, and 7.01 billion yuan respectively, indicating a year-on-year growth of 34.9%, 11.2%, and 8.5% [4][5] Financial Performance Summary - In 2024, the company achieved a coal production of 6.739 million tons, a decrease of 6% year-on-year, with a total coal sales volume of 6.701 million tons, down 7.5% year-on-year [5][6] - The average selling price of coal in 2024 was 1,019.3 yuan per ton, a decrease of 7.8% year-on-year, while the comprehensive cost per ton increased by 33.5% to 849.4 yuan [5][6] - The aluminum segment showed a production and sales volume of 1.629 million tons, with a slight increase of 7.3% and 6.7% year-on-year respectively, and a selling price of 15,956.4 yuan per ton, down 3.7% year-on-year [5][6] Future Outlook - The company expects coal production to increase to approximately 7.2 million tons in 2025 following technical upgrades at the Liuhe coal mine, which will also help reduce costs [6] - The company has increased its dividend payout ratio to 41.78% in 2024, up by 11.3 percentage points from 2023, resulting in a current dividend yield of 4.1% based on the closing price on March 24, 2025 [6][7]

Summary of Shenhuo Co., Ltd. Conference Call Company Overview - **Company**: Shenhuo Co., Ltd. - **Fiscal Year**: 2024 - **Key Financials**: - Pre-tax profit: 3.3 billion CNY - Total profit: 6.4 billion CNY - Asset scale: 4.3 billion CNY - Dividend per share: 10.8 CNY, accounting for 42% of net profit [3][5][6] Financial Performance - **Overall Performance**: Financial results met market expectations with a total profit of 6.4 billion CNY and an asset scale of 4.3 billion CNY [3][5] - **Tax Rate**: Current tax rate at 35%, expected to decrease to 25% in the future [3][4] - **Dividends**: Maintained at 10.8 CNY per share, with a commitment to not drop below 30% of net profit [6] Business Segment Performance - **Coal Segment**: - Core subsidiaries (Xinneng and Xinlong) reported total profits of 940 million CNY, impacted by production and price fluctuations [3][9][20] - Anticipated full production of 7.2 million tons in 2025, with costs expected to decrease but prices may limit profitability [3][20] - **Aluminum Segment**: - Guangxi Longzhou Xinxing Aluminum benefited from rising alumina prices, achieving profits of 618 million CNY [3][9] - Investment income from Xinde Group and Xinzheng Coal Power contributed approximately 300 million CNY and 90 million CNY, respectively [3][9] - **Investment Income**: - Q4 2024 investment income exceeded 300 million CNY, with Longzhou Aluminum contributing 200 million CNY [3][7] Challenges and Risks - **Aluminum Processing**: Facing weak profits due to the cancellation of export tax rebates and intense competition [19] - **Coal Price Volatility**: The coal sector is cyclical, with profits fluctuating significantly year-on-year [20] - **Cost Pressures**: Rising costs in coal production and potential price declines could impact overall profitability [20] Future Outlook - **Capital Expenditure**: - Ongoing projects in Xinjiang (400,000 tons) and Yunnan (110,000 tons) expected to conclude in H1 2025, with total investment around 2 billion CNY [15][16] - **Debt Management**: - Debt ratio has decreased to below 50%, with plans for further reduction [14] - **Market Conditions**: - Anticipated economic recovery may stabilize coal prices, with a projected profit margin of around 100 CNY per ton necessary for normal operations [20] Additional Insights - **R&D Adjustments**: Adjustments in R&D expenses were made due to discrepancies in expense allocation across subsidiaries, with no overall profit impact [13] - **Asset Disposal**: Losses from small coal mine resource integration amounted to 100 million CNY, with impairment provisions affecting profits by over 90 million CNY [3][12][9] Conclusion Shenhuo Co., Ltd. demonstrated a solid financial performance in 2024, with strategic plans for future growth despite facing challenges in the coal and aluminum sectors. The company is focused on managing costs, optimizing production, and maintaining a stable dividend policy while navigating market fluctuations.

河南神火煤电股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项说明 2024年度 河南神火煤电股份有限公司 目 录 为了更好地理解河南神火煤电股份有限公司2024年度非经营性资金占用及其他关 联资金往来情况，汇总表应当与经审计的财务报表一并阅读。 本专项说明仅供河南神火煤电股份有限公司为2024年度报告披露使用，不适用于 其他用途。 | | 页 次 | | --- | --- | | 非经营性资金占用及其他关联资金往来情况的专项说明 | 1 - 2 | | 河南神火煤电股份有限公司2024年度非经营性资金占用及 | | | 其他关联资金往来情况汇总表 | 3 - 6 | 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2025）专字第70027664_R03号 河南神火煤电股份有限公司 河南神火煤电股份有限公司董事会： 我们审计了河南神火煤电股份有限公司的2024年度财务报表，包括2024年12月31 日的合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和现金 流量表以及相关财务报表附注，并于2025年3月21日出具了编号为安永华明（2025） 审字第70027664 ...

河南神火煤电股份有限公司 内部控制审计报告 2024年12月31日 河南神火煤电股份有限公司 目 录 | | | 内部控制审计报告 安永华明（2025）专字第70027664_R01号 河南神火煤电股份有限公司 河南神火煤电股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了河南神火煤电股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的 责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告（续） 安永华明（2025）专字第700276 ...

河南神火煤电股份有限公司 已审财务报表 2024年度 河南神火煤电股份有限公司 目 录 | | 页 | | 次 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 审计报告 | 1 | – | 5 | | | | | | | 已审财务报表 | | | | | | | | | | 合并资产负债表 | 6 | – | 7 | | | | | | | 合并利润表 | 8 | – | | | | | 9 | | | 合并股东权益变动表 | 1 0 | – | 1 | | | | | 1 | | 合并现金流量表 | 1 2 | – | 1 | 3 | | | | | | 公司资产负债表 | 1 4 | – | 1 | 5 | | | | | | 公司利润表 | | 1 | | | | 6 | | | | 公司股东权益变动表 | 1 7 | – | 1 | 8 | | | | | | 公司现金流量表 | 19 | – | 2 | 0 | | | | | | 财务报表附注 | 21 | – | 1 | 5 | 5 | | | | | 补 ...