SHCI(601225) 民生证券·2025-03-16 01:10Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a stable performance in 2024, with a revenue of 184.145 billion yuan, a year-on-year increase of 1.47% (adjusted), and a net profit attributable to shareholders of 22.196 billion yuan, a decrease of 3.97% (adjusted) [1][2]. - The high dividend yield of 6.8% highlights the investment value of the company, based on a cash dividend plan that ensures at least 60% of the distributable profit is returned to shareholders [1]. - The consolidation of power assets has enhanced the stability of the company's performance, with coal production increasing by 4.13% year-on-year to 170 million tons and coal sales rising by 9.91% to 260 million tons in 2024 [2]. Summary by Sections Financial Performance - In Q4 2024, the company is expected to achieve a net profit of 6.253 billion yuan, a quarter-on-quarter increase of 16.07% and a year-on-year increase of 23.59% (unadjusted) [3]. - The company’s coal production in Q4 2024 is projected to be 42.717 million tons, with a year-on-year growth of 8.26% [3]. Future Outlook - The company’s power projects have significant installed capacity, with operational coal-fired units totaling 8,300 MW and an additional 10,000 MW under construction, indicating potential for future profit doubling once these projects are operational [2]. - The forecast for net profit for 2024-2026 is 22.196 billion, 19.050 billion, and 19.844 billion yuan, respectively, with corresponding EPS of 2.29, 1.96, and 2.05 yuan [3][8]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 9 for 2024 and 10 for 2025 and 2026, indicating a stable valuation outlook [3][8]. - The report highlights a dividend yield of 6.8% for 2024, reflecting strong shareholder returns [1][8].