ZMJ(SH:601717) Xin Lang Cai Jing·2025-04-09 15:28Core Viewpoint - Zhengzhou Coal Mining Machinery Group (Zheng Coal Machine) has a projected dividend yield exceeding 8% for 2024, with a focus on business development and shareholder returns amidst concerns over U.S. tariffs and coal prices [1][2]. Financial Performance - In 2024, Zheng Coal Machine achieved total operating revenue of 37.025 billion yuan, a year-on-year increase of 1.73% - The net profit attributable to shareholders reached 3.934 billion yuan, reflecting a growth of 20.16% - The non-recurring net profit was 3.604 billion yuan, up by 19.05% - The company plans to distribute a cash dividend of 1.12 yuan per share, totaling 1.956 billion yuan, which represents 49.72% of the net profit attributable to shareholders for 2024, resulting in a dividend yield of 8.05% based on the closing price [1]. Business Development and Strategy - Zheng Coal Machine's overseas business revenue for 2024 is estimated at approximately 12 billion yuan, with successful market penetration in countries like Australia, the U.S., India, Turkey, Vietnam, and Indonesia [2]. - The company is committed to a transformation strategy focusing on electrification, intelligence, digitalization, and globalization, aiming for a 100 billion yuan development target by 2030 [2]. - The coal machinery segment is expected to significantly contribute to profit growth in 2024, with an improved revenue structure and higher profit margin products [2]. Market Concerns and Opportunities - There are concerns regarding the impact of declining coal prices on the profitability of coal companies, which may affect equipment investment [3]. - However, the company acknowledges the rapid development of intelligent mining equipment, with a projected penetration rate of 20%-30% for intelligent mining faces in the coming years, indicating a dual demand for new and replacement equipment [3]. - To mitigate potential domestic market impacts, the company is intensifying efforts in overseas market development, particularly in coal mining equipment [3]. Automotive Parts Segment - The automotive parts segment is focused on core business growth and market share expansion, with an emphasis on transitioning to new energy vehicles and enhancing competitiveness [4]. - The company is actively developing the new energy vehicle market and expanding its share in chassis damping business, while also exploring new business opportunities in high-pressure motor components [4].