大同证券：给予山煤国际增持评级

Core Viewpoint - The report indicates that Shanmei International (600546) maintains a high gross profit margin in coal production, with a dividend payout ratio of 60% meeting expectations, leading to an "accumulate" rating for the stock [1] Financial Performance - In 2024, the company achieved operating revenue of 29.561 billion yuan, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 2.268 billion yuan, down 46.75% year-on-year [2] - For Q1 2025, operating revenue was 4.502 billion yuan, a decline of 29.17%, with a net profit of 255 million yuan, down 56.29% year-on-year [2] Coal Production Business - In 2024, the target coal production was 33 million tons, with actual production at 32.979 million tons, a decrease of 15.40% year-on-year. Sales volume was 26.7336 million tons, down 23.31% [3] - The gross profit margin for coal production in 2024 was 52.29%, a decrease of 6.57 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 54.34%, an increase of 0.9 percentage points year-on-year [3] Coal Trading Business - In 2024, coal trading sales volume was 18.9963 million tons, an increase of 7.66%, but revenue decreased by 9.59% to 11.673 billion yuan [4] - For Q1 2025, trading coal sales volume was 3.2128 million tons, down 16.18%, with revenue of 1.672 billion yuan, a decrease of 35.29% [4] Financial Management - Long-term borrowings increased to 5.193 billion yuan in 2024, up 11.64% year-on-year, while Q1 2025 long-term borrowings rose to 7.947 billion yuan, an increase of 27.54% [4] - The company managed to reduce financial costs, with financial expenses in 2024 at 220 million yuan, down 1.53% year-on-year, and Q1 2025 expenses at 44 million yuan, down 79.23% [4] Shareholder Returns - The company has set a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits each year [6] - For 2024, the planned cash dividend is approximately 1.368 billion yuan, with a cash dividend ratio of 60.3% [6] Investment Outlook - The coal industry is currently experiencing a loose supply-demand situation, with coal prices expected to continue fluctuating downward [7] - The projected net profits for 2024-2026 are 1.891 billion yuan, 2.114 billion yuan, and 2.336 billion yuan, respectively, with corresponding EPS of 0.95, 1.06, and 1.18 yuan per share [8]