盘江股份(600395)：煤炭开采公司研报

Core Viewpoint - The company faces pressure on performance due to declining coal prices and volumes, while its electricity business shows growth in both volume and price, maintaining a "buy" rating. Group 1: Financial Performance - In 2024, the company achieved revenue of 8.9 billion yuan, a year-on-year decrease of 5.4%, and a net profit attributable to shareholders of 100 million yuan, down 85.8% year-on-year [1] - For Q4 2024, revenue was 2.45 billion yuan, a quarter-on-quarter increase of 2%, with a net profit of 70 million yuan, up 3402% quarter-on-quarter [1] - In Q1 2025, revenue reached 2.48 billion yuan, a year-on-year increase of 27.3%, but the net profit was -100 million yuan, a decline of 590.4% year-on-year [1] Group 2: Coal Business Performance - In 2024, the company produced 9.41 million tons of commodity coal, a decrease of 16.5% year-on-year, with external sales down 32% to 7.84 million tons [2] - The average selling price of coal in 2024 was 808 yuan per ton, an increase of 3.3% year-on-year, while in Q1 2025, the price dropped to 672 yuan per ton, down 24.9% year-on-year [2] - The gross profit per ton of coal in 2024 was 181 yuan, a decrease of 17.3% year-on-year, and in Q1 2025, it fell to 76 yuan, down 66.7% year-on-year [2] Group 3: Electricity Business Performance - In 2024, the company's power generation reached 651,472 million kWh, a year-on-year increase of 4020%, with grid-connected electricity also rising by 4060% [2] - The average on-grid electricity price in 2024 was 0.367 yuan per kWh, a decrease of 2% year-on-year, while in Q1 2025, it increased slightly to 0.3718 yuan per kWh, up 0.5% year-on-year [2] Group 4: Future Prospects - The company expects coal production capacity to increase, with several projects progressing as planned, including the Ma Yidong and Yangshan coal mines [3] - The company is advancing its coal, electricity, and renewable energy projects, with significant investments in renewable energy capacity [3] - The dividend payout ratio for 2024 was 45%, an increase of 4.94% year-on-year, resulting in a current dividend yield of 6.6% [3]