CHINA COAL ENERGY(601898) 山西证券·2025-03-26 10:31Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [4][9]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with operating income at 189.40 billion yuan, down 1.85% year-on-year, and net profit attributable to shareholders at 19.32 billion yuan, down 1.08% year-on-year [4]. - The coal business remains the primary revenue driver, accounting for 84.51% of total revenue, with both production and sales increasing despite a decrease in average selling prices [5][6]. - The company is focused on a full industry chain layout in coal, coal power, coal chemical, and new energy, which is expected to stabilize operational performance and enhance valuation [8]. Market Performance - As of March 25, 2025, the company's closing price was 10.49 yuan, with a market capitalization of 1390.83 billion yuan [2]. - The stock reached a yearly high of 15.92 yuan and a low of 9.77 yuan [2]. Financial Data - Basic earnings per share for 2024 were reported at 1.46 yuan, with a return on equity of 12.98% [3]. - The company’s total assets as of the end of 2024 were 3579.65 billion yuan, reflecting a year-on-year increase of 2.5% [4]. - The net cash flow from operating activities was 341.40 billion yuan, down 20.5% year-on-year [4]. Future Projections - Expected earnings per share for 2025, 2026, and 2027 are projected to be 1.38 yuan, 1.55 yuan, and 1.77 yuan respectively, with corresponding price-to-earnings ratios of 7.6, 6.8, and 5.9 [9][11]. - Revenue is expected to grow gradually, with projections of 192.10 billion yuan in 2025, 199.45 billion yuan in 2026, and 211.90 billion yuan in 2027 [11][15].