SHCI(SH:601225) Xin Lang Cai Jing·2025-05-09 08:32Core Viewpoint - The coal industry leader continues to outperform the sector with optimized cost management and plans for coal-electric integration, aiming for consolidated financial statements in 2024 [1] Financial Performance - The company reported total operating revenue of 184.145 billion yuan in 2024, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [2] - In Q1 2025, the company achieved operating revenue of 40.162 billion yuan, a year-on-year decrease of 7.3%, with a net profit of 4.805 billion yuan, down 1.23% [2] - EPS forecasts for 2025 and 2026 have been revised down to 2.07 yuan and 2.17 yuan respectively, with a new EPS estimate for 2027 at 2.27 yuan [2] - The target price has been adjusted to 23.4 yuan, a decrease of 5.99 yuan [2] Coal Production and Sales - In 2024, the company produced 170.4846 million tons of coal, an increase of 4.13%, and sold 258.4308 million tons, up 9.13%, with self-produced coal sales at 160 million tons, down 1% [3] - In Q1 2025, coal production was 43.93 million tons, with self-produced coal sales at 39.5467 million tons, an increase of 5.81% [3] - The average coal price in 2024 was 561.30 yuan per ton, down 8.50%, while the self-produced coal price was 532.03 yuan per ton, a decrease of 59.05 yuan per ton [3] - The complete cost of raw coal was 289.92 yuan per ton, down 6.67 yuan per ton [3] Coal-Electric Integration - The company plans to achieve coal-electric asset consolidation by the end of 2024, following the acquisition of Shaanxi Coal Power Group's thermal power assets [4] - The total installed capacity of coal-fired power generation is 19,620 MW, with 8,300 MW operational and 11,320 MW under construction [4] - In 2024, total power generation was 37.615 billion kWh, an increase of 4.41%, and total electricity sales were 35.126 billion kWh, up 4.37% [4] - The electricity price was 399.23 yuan per MWh, down 4.84%, and the complete cost of power generation was 341.41 yuan per MWh, a decrease of 3.80% [4] - In Q1 2025, total power generation is expected to be 8.738 billion kWh, a decrease of 22.55%, with total electricity sales at 8.145 billion kWh, down 22.79% [4] Dividend Policy - The company plans to maintain a robust dividend policy, with a total proposed dividend of 13.07 billion yuan for 2024, corresponding to a net profit of 22.3 billion yuan, resulting in a dividend payout ratio of 58% [4] - The cash and trading financial assets at the end of 2024 amounted to 35.1 billion yuan, with operating net cash flow of 42.35 billion yuan, a significant increase compared to the previous year [4]