pingmei coal(SH:601666) GOLDEN SUN SECURITIES·2025-03-21 12:23Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a total revenue of 30.281 billion yuan in 2024, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year [1]. - The company is focusing on cost optimization and has made significant progress in underground filling mining technology, increasing monthly production from 30,000 tons at the beginning of 2024 to 71,000 tons by the time of the report, reducing coal costs by 22 yuan per ton [3]. - The company has successfully acquired exploration rights for a coal mine in Xinjiang and a 60% stake in a coal company, indicating strategic expansion plans [3]. - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling approximately 1.42 billion yuan, which represents 60.31% of the net profit available for distribution [3]. Financial Performance - In 2024, the company produced 27.53 million tons of raw coal, a decrease of 10.4% year-on-year, with a total sales volume of 27.20 million tons, down 12.3% year-on-year [8]. - The average selling price of commodity coal in 2024 was 1,033 yuan per ton, an increase of 5.4% year-on-year, while the average cost was 737 yuan per ton, up 10.6% year-on-year [8]. - The company expects revenues of 26.684 billion yuan, 26.597 billion yuan, and 26.701 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.249 billion yuan, 1.567 billion yuan, and 1.711 billion yuan [4][5]. Market Position - The company is recognized as a leading player in the coking coal industry, with high-quality coal resources and a strategic focus on cost control and operational efficiency [2][3]. - The company’s coal resources are nearly 3 billion tons, with a focus on high-quality coking coal, which is a scarce strategic resource in the market [8].