昊华能源(601101)：煤炭甲醇产量增长 分红比例大幅提升

Core Insights - In 2024, the company achieved operating revenue of 9.138 billion yuan, a year-on-year increase of 8.3%, while net profit attributable to shareholders was 1.037 billion yuan, a slight decline of 0.3% [1] - For Q1 2025, the company reported operating revenue of 2.536 billion yuan, a year-on-year growth of 5.1%, but net profit attributable to shareholders fell by 38.8% to 277 million yuan [1] - The company plans to distribute a cash dividend of 0.458 yuan per share, totaling 660 million yuan, with a dividend payout ratio of 63.6% and a dividend yield of 6.3% [1] Coal Production and Financials - In 2024, coal production and sales reached 18.0695 million tons and 18.0962 million tons, respectively, representing a year-on-year increase of 5.9% and 6.1% [2] - The average selling price of coal was 412.0 yuan per ton, down 8.2% year-on-year, while the cost per ton increased by 3.7% to 194.0 yuan [2] - The gross margin for coal business was 52.9%, a decrease of 5.4 percentage points year-on-year [2] Methanol Production and Financials - In 2024, methanol production and sales were 449,700 tons and 448,000 tons, respectively, with year-on-year increases of 38.5% and 39.7% [3] - The average selling price of methanol was 1,822.7 yuan per ton, down 0.8%, while the cost per ton was 2,030.2 yuan, a decrease of 20.4% [3] - The gross margin for methanol business improved to 7.4% in Q1 2025, marking a turnaround from a negative margin in the previous year [3] Railway Transportation - In 2024, the volume of railway special line transportation was 6.3783 million tons, a year-on-year increase of 2.6% [4] - The average transportation price was 23.2 yuan per ton, down 1.1%, while the cost per ton increased by 10.6% to 8.6 yuan [4] - The gross margin for railway special line business was 63.0%, a decrease of 3.9 percentage points year-on-year [4] Future Outlook - The company plans to produce and sell 1.78 million tons of coal and 440,000 tons of methanol in 2025 [2][3] - The projected net profits for 2025-2027 are 781 million yuan, 911 million yuan, and 1.052 billion yuan, with corresponding EPS of 0.54, 0.63, and 0.73 yuan per share [4]