pingmei coal(601666) 民生证券·2025-03-21 12:29Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 30.281 billion yuan in 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.35 billion yuan, down 41.41% year-on-year [1] - The company plans to increase its raw coal production to 30.93 million tons in 2025, representing a year-on-year growth of 12.35% [2] - The company will distribute a cash dividend of 0.6 yuan per share, resulting in a dividend yield of 6.78% based on the closing price on March 21, 2025 [3] - The capital expenditure is expected to decrease, with a planned investment of 4.149 billion yuan for 2025, down 11.8% from the actual expenditure in 2024 [3] - The forecasted net profit for 2025-2027 is 1.144 billion yuan, 1.510 billion yuan, and 1.942 billion yuan, respectively, with corresponding EPS of 0.46, 0.61, and 0.78 yuan per share [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 30.281 billion yuan, with a net profit of 2.35 billion yuan, reflecting a significant decline in profitability [1][4] - The coal production for 2024 was 27.53 million tons, down 10.35% year-on-year, with a total sales volume of 26.411 million tons, a decrease of 14.88% [2] Production and Sales - The company’s coking coal production was 11.95 million tons in 2024, down 5.83% year-on-year, while the proportion of coking coal in total production increased to 43.41%, up 2.09 percentage points [2] - The average selling price of commodity coal was 1,016.09 yuan per ton, an increase of 3.35% year-on-year, while the selling price of coking coal decreased by 4.59% to 1,753.46 yuan per ton [2] Dividend and Capital Expenditure - The company plans to distribute a total cash dividend of 1.417 billion yuan, which is 60.31% of the net profit available for distribution [3] - The capital expenditure for 2024 was 4.704 billion yuan, with a planned reduction to 4.149 billion yuan for 2025 [3] Profit Forecast - The projected net profit for 2025 is 1.144 billion yuan, with an EPS of 0.46 yuan, and the PE ratio is expected to be 19 times based on the closing price on March 21, 2025 [4][3]