hbky(600985) 新浪财经· Xin Lang Cai Jing·2025-04-02 00:29Core Insights - The company reported a revenue of 65.7 billion yuan for 2024, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 4.86 billion yuan, down 22.0% year-on-year [1] - In Q4 2024, the company achieved a revenue of 9.07 billion yuan, a significant decline of 49.2% year-on-year, with a net profit of 720 million yuan, down 38.6% year-on-year [2] Revenue and Profit Analysis - The coal business revenue for 2024 was 16.9 billion yuan, a decrease of 18.2% year-on-year, with a gross profit of 8.4 billion yuan, down 16.8% year-on-year [2] - The company’s coal production for 2024 was 20.55 million tons, a decline of 6.46% year-on-year, and coal sales were 15.37 million tons, down 13.82% year-on-year [2] Price and Cost Dynamics - The average selling price of coal in 2024 was 1,100 yuan per ton, a decrease of 5.1% year-on-year, while the cost per ton was 553 yuan, down 6.7% year-on-year [2] - In Q4 2024, the coal price was 1,052 yuan per ton, an increase of 2.5% year-on-year, with a cost of 538 yuan per ton, up 11.6% year-on-year [2] Chemical Segment Performance - The company produced and sold 370,000 tons of anhydrous ethanol in 2024, contributing 1.8 billion yuan in revenue, with a selling price of 4,999 yuan per ton [3] - The production and sales of coke were 3.55 million tons and 3.52 million tons respectively, with a selling price of 1,961 yuan per ton, down 15.85% year-on-year [3] Future Growth Prospects - The company is advancing coal and electricity projects, including the 8 million tons power coal project expected to be completed by the end of 2025, and has secured mining permits for new coal mines [4] - Non-coal business initiatives include the establishment of seven limestone mines, increasing limestone resource capacity to 27.4 million tons per year, and the rapid progress of a 2×660MW supercritical power generation unit [4] Dividend and Profit Forecast - The company plans to distribute a cash dividend of 0.75 yuan per share, accounting for 41.6% of the annual net profit attributable to shareholders, with a dividend yield of 5.7% based on the closing price on March 28 [4] - Revenue projections for 2025-2027 are 63.6 billion yuan, 66.3 billion yuan, and 68.9 billion yuan respectively, with net profits expected to be 3.6 billion yuan, 3.98 billion yuan, and 4.61 billion yuan [4]