hbky(600985) Shanxi Securities·2025-04-01 10:23Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [12] Core Views - The company is expected to benefit from deepening integrated operations and potential growth in dividends [4] - Despite a decline in revenue and profit, the company is focusing on cost control and new profit growth points [4][12] Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 65.735 billion yuan, a year-on-year decrease of 10.43% - The net profit attributable to shareholders was 4.855 billion yuan, down 22.00% year-on-year, with a basic earnings per share of 1.84 yuan, a decrease of 26.69% [1][8] - The company's cash flow from operating activities was 9.063 billion yuan, down 30.45% year-on-year [1] Coal and Coke Segment Summary - The coal and coke segment faced price declines due to weak downstream demand and increased imports, with average prices for various coal types down by approximately 11.44% to 15.41% year-on-year [2] - The company achieved a coal production volume of 20.553 million tons and sales of 15.367 million tons, representing year-on-year changes of -6.46% and -13.82% respectively [2] - The average selling price of coal was 1,100.38 yuan per ton, with a gross profit of 547.61 yuan per ton, reflecting year-on-year changes of -5.12% and -3.49% [2] Chemical Segment Summary - The chemical segment continued to be impacted by cost pressures and declining prices, resulting in a gross loss [3] - The company produced 3.5465 million tons of coke, down 5.95% year-on-year, with a selling price of 1,961.04 yuan per ton, a decrease of 15.85% [3] - The methanol production was 407,700 tons, down 22.74%, with sales of 198,400 tons, down 61.75% [3] Future Outlook - The company is advancing new projects, including a 600,000-ton anhydrous ethanol project, which is expected to contribute positively to future revenues [4] - The company plans to distribute a cash dividend of 7.5 yuan per 10 shares, totaling 2.020 billion yuan, which represents 41.60% of the net profit attributable to shareholders [4] - The projected earnings per share (EPS) for 2025-2027 are estimated at 1.53, 1.90, and 1.95 yuan, with corresponding dynamic P/E ratios of 8.5, 6.9, and 6.7 [12]