SHCI(601225) 湘财证券·2025-03-19 09:58Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved an operating income of 184.145 billion yuan in 2024, a year-on-year increase of 1.47%. However, the total profit decreased by 2.57% to 43.844 billion yuan, and the net profit attributable to shareholders fell by 3.97% to 22.196 billion yuan [1] - The company successfully acquired Shaanxi Coal Power Group, establishing a "coal-electricity integration" operational model, which is expected to enhance revenue stability and reduce related transactions [2] - The company has a stable dividend policy, planning to distribute no less than 60% of the distributable profits in cash each year. The estimated dividend yield for 2024 is 6.83% based on a basic earnings per share of 2.29 yuan and a closing price of 20.11 yuan on March 17 [3] Summary by Sections Financial Performance - In 2024, the company reported a coal production of 170 million tons, a year-on-year increase of 4.13%, and coal sales of 260 million tons, up 9.91% [1] - The average price of Shaanxi Huangling thermal coal Q5000 and Hancheng thermal coal Q5000 fell by 10.31% and 11.00% respectively [1] - The company expects to offset the negative impact of falling coal prices through increased production and sales [1] Future Outlook - The company is projected to have net profits of 22.196 billion yuan, 22.232 billion yuan, and 22.674 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 2.29 yuan for 2024 and 2.34 yuan for 2026 [4] - The current price-to-earnings ratio is estimated at 8.82x for 2024, 8.81x for 2025, and 8.64x for 2026 [4]