hbky(SH:600985) ZHONGTAI SECURITIES·2025-03-28 12:46Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5][8] Core Views - The company is expected to see gradual improvement in production and sales, with chemical operations contributing to profit growth [3][5] - The coal mining segment is facing challenges with both volume and price declines, but the new Taohutu coal mine is anticipated to provide a new profit growth point by the end of 2025 [5][6] - The company plans to increase its cash dividend payout ratio to 35% for the years 2025-2027, with a projected dividend yield of 5.40% for 2024 [5][6] Financial Summary - For 2024, the company reported operating revenue of 65.735 billion yuan, a decrease of 10.49% year-on-year, and a net profit attributable to shareholders of 4.855 billion yuan, down 22.00% year-on-year [5][6] - The coal production for 2024 was 20.55 million tons, a decrease of 6.46% year-on-year, with sales volume down 13.82% [5][6] - The average price of coal was 1,100 yuan per ton, a decrease of 5.12% year-on-year, while the cost per ton was 553 yuan, down 6.68% [5][6] - The company’s earnings per share (EPS) for 2024 was 1.80 yuan, a decrease of 26.69% year-on-year [5][6] Future Projections - The company’s projected operating revenues for 2025, 2026, and 2027 are 60.152 billion yuan, 62.960 billion yuan, and 64.518 billion yuan, respectively [5][6] - The expected net profit attributable to shareholders for the same years is 3.381 billion yuan, 4.178 billion yuan, and 4.513 billion yuan, respectively [5][6] - The projected EPS for 2025, 2026, and 2027 is 1.26 yuan, 1.55 yuan, and 1.68 yuan, respectively [5][6]