HYMD(SH:600971) Minsheng Securities·2025-03-29 12:42Investment Rating - The report has downgraded the investment rating to "Cautious Recommendation" [4]. Core Views - The company reported a decline in both revenue and net profit for 2024, with revenue at 6.972 billion yuan, down 10.4% year-on-year, and net profit at 1.072 billion yuan, down 47.3% year-on-year [1][5]. - The company plans to increase its coal production to 10.01 million tons in 2025, with a target of selling 8.3075 million tons of commercial coal [2][4]. - The dividend payout ratio for 2024 is 52.61%, with a dividend of 0.27 yuan per share, resulting in a dividend yield of 5.4% based on the closing price on March 28, 2025 [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 1.565 billion yuan, a decrease of 14.0% quarter-on-quarter, while net profit fell by 68.4% quarter-on-quarter to 127 million yuan [1][3]. - The total coal production for 2024 was 9.6208 million tons, a slight increase of 1.9% year-on-year, while the average selling price per ton of coal decreased by 9.2% to 869.60 yuan [2][4]. Cost Management - The company managed to reduce its total expenses in Q4 2024, with a decrease of 0.58 billion yuan in total expenses, leading to a reduction in expense ratios [1][3]. Future Outlook - The company expects a decrease in coking coal prices in 2025, with projected net profits of 771 million yuan, 902 million yuan, and 1.041 billion yuan for 2025, 2026, and 2027 respectively [4][5]. - The second phase of the Qianyingzi power plant is expected to enhance the company's performance, with an estimated annual power generation of approximately 4.8 billion kWh [4].