SHCI(601225) 山西证券·2024-12-12 23:35Investment Rating - The report maintains an "Accumulate-A" investment rating for Shaanxi Coal and Electricity Group Co., Ltd. (601225.SH) [1][4] Core Views - The company's performance is expected to remain stable due to the deepening of the "coal-electricity integration" model, which is reflected in its frequent dividend distributions that demonstrate confidence in shareholder returns [1][4] - The acquisition of coal and electricity assets is anticipated to enhance the company's profitability and reduce the volatility of earnings caused by fluctuations in coal prices [6][5] Financial Data Summary - As of December 12, 2024, the closing price is CNY 25.18, with a year-to-date high of CNY 29.87 and a low of CNY 19.12 [3] - The company has a circulating A-share market value of CNY 244.12 billion and a total market value of CNY 244.12 billion [3] - Basic earnings per share (EPS) for the company as of September 30, 2024, is CNY 1.64, with a diluted EPS also at CNY 1.64 [3] - The return on equity (ROE) stands at 19.09% [3] Dividend Distribution - The company plans to distribute a cash dividend of CNY 1.03 per 10 shares (including tax), totaling CNY 1 billion, which represents 6.27% of the net profit attributable to shareholders for the period [4][5] - Cumulatively, the cash dividends for 2024 amount to CNY 20.56 billion, accounting for 12.90% of the net profit attributable to shareholders [4] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are CNY 2.23, CNY 2.28, and CNY 2.39 respectively, with corresponding price-to-earnings (P/E) ratios of 11.3, 11.1, and 10.6 [4][8]