HYMD(SH:600971) Minsheng Securities·2025-03-29 12:23Investment Rating - The report has downgraded the investment rating to "Cautious Recommendation" [4] Core Views - In 2024, the company reported a revenue of 6.972 billion yuan, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 1.072 billion yuan, down 47.3% year-on-year [1][2] - The company plans to produce 10.01 million tons of raw coal and sell 8.3075 million tons of commercial coal in 2025 [2] - The company has increased its dividend payout ratio to 52.61%, with a dividend per share of 0.27 yuan, resulting in a dividend yield of 5.4% based on the closing price on March 28, 2025 [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.565 billion yuan, with a quarter-on-quarter decrease of 14.0% and a year-on-year decrease of 3.3% [1] - The total coal production in 2024 was 9.6208 million tons, a year-on-year increase of 1.9%, while the average selling price per ton of coal decreased by 9.2% to 869.60 yuan [2] - The gross profit from commercial coal sales was 2.375 billion yuan, down 29.3% year-on-year, with a gross margin of 36.07%, a decline of 10.0 percentage points [2] Cost Management - The company managed to reduce its total expenses in Q4 2024, with a decrease of 0.58 billion yuan in total expenses and a reduction in expense ratios across various categories [1][3] - The selling, administrative, financial, and R&D expense ratios decreased by 0.16, 0.51, 0.71, and 2.91 percentage points respectively [1] Future Outlook - The company expects a net profit attributable to shareholders of 0.771 billion yuan in 2025, with projected earnings per share (EPS) of 0.64 yuan [5] - The anticipated price for coal is expected to decline, impacting profitability in the coming years [4]