中煤能源(601898)：降本增效+高比例长协 稳定公司利润基本盘

Core Viewpoint - Company reports a slight decline in revenue and net profit for 2024, but shows strong performance in Q4 with a significant year-on-year increase in net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 189.4 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 19.3 billion yuan, down 1.1% [1] - The company reported a net profit of 4.7 billion yuan in Q4 2024, reflecting a year-on-year increase of 65% [1] Group 2: Coal Production and Sales - The company produced 138 million tons of commercial coal in 2024, a year-on-year increase of 2.5%, with sales volume remaining stable at 285 million tons [2] - The average selling price of coal (excluding tax) was 564 yuan per ton, a decrease of 1.2% year-on-year, while the self-produced coal price was 562 yuan per ton, down 6.7% [2] - The company achieved coal revenue of 160.7 billion yuan, a decrease of 1.2% year-on-year, with a gross profit of 39.6 billion yuan, down 2.2% [2] Group 3: Coal Chemical Business - The company reported olefin sales of 1.52 million tons in 2024, up 2.6%, with an average price of 6,991 yuan per ton, an increase of 1.2% [3] - Urea sales decreased by 4.9% to 2.04 million tons, with an average price of 2,047 yuan per ton, down 15.5% [3] - The total revenue from coal chemical business was 20.5 billion yuan, a year-on-year decrease of 4.1%, with a gross profit of 3.1 billion yuan, down 5.6% [3] Group 4: New Capacity and Projects - The company is advancing new coal, electricity, and renewable energy projects, including a coal mine with an annual capacity of 20 million tons and a coal chemical project with an annual capacity of 900,000 tons [4] - The company has a dividend payout ratio of approximately 32%, with a total dividend of 0.48 yuan per share, corresponding to a dividend yield of 4.6% [4] - Revenue projections for 2025-2027 are estimated at 182.9 billion, 183.1 billion, and 183.7 billion yuan, with net profits of 17.29 billion, 18.70 billion, and 18.72 billion yuan respectively [4]