Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of HKD 34.20 [1][3][7] Core Views - The company achieved a revenue of AUD 6,860 million for the year, a decrease of 12% year-on-year, and a net profit of AUD 1,216 million, down 33% year-on-year. However, operating cash flow increased by 69% to AUD 2,136 million [1][2] - The dividend payout for the year was AUD 687 million, corresponding to a payout ratio of 56%, aligning with the company's guidance for 2024 [1][3] - Despite the decline in coal prices impacting net profit, the company's strong asset base, excellent management capabilities, and attractive dividend yield support the positive outlook [1][3] Summary by Sections Financial Performance - Revenue for FY 2024 is projected at AUD 6,252 million, with a further decline expected in FY 2025 to AUD 6,041 million, reflecting a year-on-year decrease of 8.9% and 3.4% respectively [5][12] - The net profit for FY 2024 is expected to be AUD 941 million, down 22.6% from the previous year, and AUD 912 million for FY 2026, down 3.1% [5][12] - The company reported a cash operating cost of AUD 93 per ton, a decrease of AUD 3 per ton year-on-year, benefiting from increased production [2][5] Market Position - The company’s market share in China has increased, with sales in China expected to rise from 29% to 36% of total sales in 2024, indicating its importance as a key market [2][3] - The long-term demand for thermal coal in India and Southeast Asia is expected to grow, despite supply-side challenges [2] Dividend Policy - The company maintains a dividend policy to distribute at least 50% of net profit or free cash flow, excluding non-recurring items, which supports its high dividend yield [3][5] - After the recent dividend payout, the company retains approximately AUD 1.8 billion in cash, indicating strong liquidity for potential future acquisitions [3][5]
兖煤澳大利亚：完成指引目标，全年派系率达56%-20250225