XINJI ENERGY(SH:601918) Changjiang Securities·2025-03-28 09:13Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.393 billion yuan in 2024, an increase of 284 million yuan year-on-year (up 13.44%) [2][6]. - In Q4 2024, the net profit attributable to shareholders is projected to be 569 million yuan, a year-on-year increase of 380 million yuan (up 201.28%) but a quarter-on-quarter decrease of 80 million yuan (down 12.32%) [2][6]. - The cash dividend is set at 414 million yuan, with a dividend payout ratio of 17.32%, a decrease of 1.1 percentage points year-on-year [2][6]. - The integration of coal and electricity operations is accelerating, with growth attributes gradually being realized [2][15]. - The second phase of the Banji Power Plant is expected to be operational by September 2025, which will provide additional electricity output to offset the impact of declining electricity prices in Anhui on profitability [15]. Summary by Sections Coal Production - In Q4, the company achieved coal production and sales of 5.17 million tons and 5.09 million tons, respectively, representing year-on-year increases of 15% and 14% [7]. - The average selling price of coal in Q4 was 582 yuan per ton, a year-on-year increase of 2% [7][8]. - The cost of coal per ton in Q4 was 346 yuan, a decrease of 15% year-on-year [7]. - The gross profit per ton of coal in Q4 was 236 yuan, an increase of 44% year-on-year [8]. Electricity Generation - In Q4, the company generated and sold 4.3 billion and 4.1 billion kilowatt-hours of electricity, respectively, with year-on-year increases of 38% and 41% [9]. - The average on-grid electricity price (excluding tax) in Q4 was 0.4118 yuan per kilowatt-hour, a year-on-year increase of 0.4% [9]. - For the full year 2024, the company is expected to generate and sell 12.9 billion and 12.2 billion kilowatt-hours of electricity, respectively, with year-on-year increases of 23% [9]. Future Projections - The company has several power plant projects under construction, including the Shangrao Power Plant (21000MW) and Chuzhou Power Plant (2660MW), expected to be connected to the grid in March 2026 [15]. - The company anticipates significant profitability from these projects once they are fully operational [15].