hbky(600985) 开源证券·2025-03-28 09:13Investment Rating - The investment rating for Huabei Mining (600985.SH) is maintained at "Buy" [2][4] Core Views - The company's performance is under pressure due to a decline in both coal volume and price, with a focus on growth potential and the recovery of its net asset value [4][6] - In 2024, the company achieved operating revenue of 65.74 billion yuan, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 4.86 billion yuan, down 22% year-on-year [4][6] - The report anticipates a recovery in net profit from 2025 onwards, with projections of 3.37 billion yuan in 2025, 4.50 billion yuan in 2026, and 5.09 billion yuan in 2027, reflecting a year-on-year change of -30.7%, +33.6%, and +13.1% respectively [4][6] Summary by Sections Financial Performance - In 2024, the company’s coal production and sales volume decreased by 6.5% and 13.8% year-on-year, respectively, with Q4 production and sales down 8.7% and 9.3% quarter-on-quarter [4][5] - The average selling price of coal in 2024 was 1,100.4 yuan per ton, a decrease of 5.1% year-on-year, while the cost per ton was 552.8 yuan, down 6.7% year-on-year [4][5] - The gross profit per ton of coal was 547.6 yuan, a decline of 3.5% year-on-year [4][5] Product Performance - In 2024, the production and sales of coke and methanol also saw declines of 6% and 22.7% year-on-year, respectively [5] - The average selling price of coke decreased by 15.9% year-on-year, while the price of its main raw material, washed coal, fell by 14.4% [5] Growth Potential - The company is focusing on the growth of coal mining and coal chemical projects, with significant projects underway, including the construction of a coal mine with an annual capacity of 8 million tons [4][6] - The company plans to increase its minimum dividend payout ratio from 30% to 35%, with a current dividend payout ratio of 41.6% [4][6]