新集能源：公司信息更新报告：全年业绩逆势增长，煤电一体化加速推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved counter-cyclical growth in its annual performance, with accelerated coal-electricity integration [3] - The company is expected to stabilize coal prices at current low levels, supported by macro policies, and the new phase of the Lixin power plant will contribute to profit growth in 2025 [3] - The company is actively developing green electricity projects and aims to achieve 1000MW of new energy installed capacity by the end of 2025 [4] Financial Performance Summary - For 2024, the company expects to achieve revenue of 12.791 billion yuan, a slight decrease of 0.42% year-on-year, and a net profit attributable to shareholders of 2.371 billion yuan, an increase of 12.39% year-on-year [3] - In Q4 2024, the company anticipates revenue of 3.602 billion yuan, a quarter-on-quarter increase of 12.43%, and a net profit of 546 million yuan, a quarter-on-quarter decrease of 15.74% [3] - The average selling price of coal for 2024 is expected to be 567 yuan/ton, an increase of 2.91% year-on-year, with a Q4 average selling price of 582 yuan/ton, up 4.35% quarter-on-quarter [3] Production and Sales Data - The company's raw coal production for 2024 is projected to be 21.52 million tons, a year-on-year increase of 0.57%, while the sales volume of commercial coal is expected to be 18.87 million tons, a decrease of 4.14% year-on-year [3] - In Q4 2024, raw coal production is expected to reach 5.95 million tons, a quarter-on-quarter increase of 14.37%, with commercial coal sales of 5.09 million tons, up 8.62% quarter-on-quarter [3] Future Outlook - The company plans to enhance its dividend policy as it benefits from state-owned enterprise value management policies, with expectations for increased dividends as capital expenditure phases out [4] - The company is on track to achieve complete coal-electricity integration by 2026, which is expected to further enhance profit stability [4]