JZEG(SZ:000937) Chang Jiang Shang Bao·2025-04-25 00:31Core Viewpoint - The company, Jizhong Energy, reported a significant decline in both revenue and net profit for the year 2024, primarily due to the cyclical downturn in the coal industry and falling coal prices [1][2][3]. Financial Performance - In 2024, Jizhong Energy achieved operating revenue of 18.731 billion yuan, a year-on-year decrease of 23.01% [1][2]. - The net profit attributable to shareholders was 1.208 billion yuan, down 75.56% year-on-year [1][2]. - The company's coal business generated revenue of 14.687 billion yuan, a decline of 24.1%, accounting for 78.41% of total revenue [3]. - The gross profit margin for the coal business fell to 42.52%, down 2.37 percentage points from the previous year [3]. Production and Sales - Jizhong Energy's coal production and sales for 2024 were 26.9289 million tons and 24.2543 million tons, respectively, representing declines of 1.76% and 6.85% year-on-year [1][3]. - The average selling price of commodity coal was 580.78 yuan, a decrease of 19.4% compared to 720.56 yuan in 2023 [5]. Subsidiary Control and Acquisition - The company announced plans to acquire a 20.02% stake in Shanyin Shouyang Duanwang Coal Industry Group for 898 million yuan, increasing its control to 83.21% [1][7]. - This acquisition is expected to enhance the company's governance and increase investment returns [8]. - As of the end of 2024, the subsidiary, Duanwang Coal, had coal reserves of 493 million tons and a production capacity of 5.1 million tons per year [7][8]. Dividend Policy - Jizhong Energy maintained a high dividend payout ratio, planning to distribute a total of 2.827 billion yuan in dividends for 2024, which exceeds its net profit by 234.02% [1][8].