hbky(600985) 民生证券·2025-03-28 10:13Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - In 2024, the company achieved operating revenue of 65.735 billion yuan, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 4.855 billion yuan, down 22.0% year-on-year [1]. - The company plans to increase the minimum dividend payout ratio to 35% for the years 2025-2027, with a proposed dividend of 0.75 yuan per share for 2024, resulting in a total payout of 2.020 billion yuan [2]. - The coal production and sales volumes decreased in 2024, with a production of 20.553 million tons, down 6.5% year-on-year, and sales of 15.367 million tons, down 13.8% year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported an operating revenue of 9.066 billion yuan, a significant quarter-on-quarter decline of 49.2%, and a net profit of 716 million yuan, down 38.6% quarter-on-quarter [1]. - The coal business's gross profit margin improved to 49.8%, up 0.8 percentage points year-on-year, despite a decrease in coal prices and sales [3]. Dividend Policy - The company announced a dividend payout ratio of 41.6% for 2024, with a dividend yield of 5.4% based on the closing price on March 27, 2025 [2]. Coal and Chemical Business - The coal chemical business saw a decline in gross profit margin to 19.34%, down 0.99 percentage points year-on-year, with significant drops in production and sales of coke and methanol [4]. - The company has initiated production of a 600,000-ton ethanol project, which is the largest single-series production facility globally [4]. Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 1.924 billion yuan, 2.476 billion yuan, and 3.384 billion yuan, respectively, with corresponding EPS of 0.71 yuan, 0.92 yuan, and 1.26 yuan [5][6].