Shanxi Securities·2025-01-24 01:55Investment Rating - The report maintains an investment rating of "Buy-A" for the company [1] Core Views - The acquisition of 100% equity in Hanjin Energy from the National Energy Group is expected to enhance the company's coal reserves and production capacity, solidifying its leading position in the coal industry [2][4] - The company plans to distribute at least 65% of its net profit to shareholders in cash annually from 2025 to 2027, reflecting a commitment to shareholder returns [6] Summary by Sections Market Data - Closing price: 38.41 CNY - Yearly high/low: 47.50/32.65 CNY - Circulating A-shares/Total shares: 164.91/198.69 billion - Market capitalization: 7,631.50 billion CNY [1] Financial Performance - Basic and diluted earnings per share (EPS): 2.32 CNY - Net asset return rate (ROE): 10.91% [1] Recent Events - The company announced the acquisition of Hanjin Energy for 852.6495 million CNY, to be paid with its own funds [3] - The company aims to increase its coal reserves by 3.841 billion tons and its recoverable reserves by 2.087 billion tons post-acquisition [4] Performance Outlook - Expected EPS for 2024-2026: 2.92, 2.93, 2.99 CNY, with corresponding P/E ratios of 13.0, 13.0, and 12.7 [9] - The company’s revenue is projected to grow slightly from 342.071 billion CNY in 2024 to 353.171 billion CNY in 2026 [11][14] Shareholder Returns - The new dividend policy increases the minimum payout ratio from 60% to 65%, indicating a strong commitment to returning value to shareholders [6]