兰花科创：着力优化营销策略改善服务质量

Core Viewpoint - The company, Shanxi Lanhua Science and Technology Innovation Co., Ltd. (Lanhua Ketech), reported a decline in financial performance for 2024, attributing this to prolonged construction periods and significant investments in two mines, as well as fluctuations in coal prices [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 11.697 billion yuan, a total profit of 827 million yuan, and a net profit attributable to shareholders of 718 million yuan, all showing a decline compared to previous periods [1]. - The decline in performance is linked to weaker profitability in the coal and coal chemical sectors due to the aforementioned factors [1]. Strategic Initiatives - The company has launched a series of strategic measures covering the entire business chain from coal resource expansion to downstream coal chemical industry upgrades [2]. - Key projects include the launch of the Lanhua Qinyu 900,000 tons/year integrated mine in January 2024 and the Baisheng Coal Industry project expected to begin production by the end of September 2024 [2]. - The company also secured coal exploration rights in Shanxi Province for 6.949 billion yuan, enhancing its resource reserve capabilities [2]. Market Outlook - With the peak summer electricity demand approaching, coal demand is expected to recover, leading to a potential increase in coal prices [2]. - Positive changes in market demand and prices for the company's urea products are anticipated to support operational performance [2]. Future Plans - The company has outlined a 2025 valuation enhancement plan focusing on coal and coal chemical sectors, aiming to optimize market layout and business structure [2]. - The company plans to achieve a coal production target of 14.5 million tons, urea production of 803,400 tons, and caprolactam production of 110,000 tons by 2025 [3]. Dividend Policy - The company plans to distribute a cash dividend of no less than 30% of the net profit attributable to shareholders for the 2025 fiscal year [3]. - Over its 26 years as a listed company, Lanhua Ketech has implemented cash dividends 23 times, totaling 7.165 billion yuan, with an average dividend payout ratio of 41.02% over the past three years [3].