Workflow
物产环能:点评报告:首次发布分红规划,重视投资回报提振信心

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has announced its first cash dividend plan since its listing in 2021, committing to distribute no less than 40% of the net profit attributable to shareholders (after deducting non-recurring gains) as cash dividends for the years 2024-2026, which reflects its focus on enhancing shareholder returns and maintaining a stable dividend level [2][3] - The company is actively securing high-quality imported coal resources, with a 46% year-on-year increase in contracted imported coal volume for the first three quarters of 2024, which is expected to help control business costs and maintain stable revenue and profit from its coal circulation business [3] - The company's heat and power cogeneration business is expected to grow steadily, while its renewable energy projects, including new energy storage and distributed energy services, are anticipated to scale up rapidly, with significant projects expected to be completed by 2025 [4] Financial Summary - The company's projected revenues for 2024, 2025, and 2026 are 400.27 billion, 433.11 billion, and 459.22 billion respectively, with year-on-year changes of -9.70%, +8.21%, and +6.03% [5][8] - The net profit attributable to the parent company is expected to be 8.04 billion, 8.58 billion, and 9.30 billion for the same years, with year-on-year changes of -24.04%, +6.64%, and +8.42% [5][8] - The earnings per share (EPS) are projected to be 1.44, 1.54, and 1.67 for 2024, 2025, and 2026 respectively, with a price-to-earnings (P/E) ratio of 8.64, 8.10, and 7.47 [5][8]