CHINA COAL ENERGY(601898)2025-04-02 09:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 189.39 billion yuan for 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 19.32 billion yuan, down 1.08% year-on-year. The earnings per share (EPS) was 1.46 yuan. The fourth quarter saw a revenue increase of 33.26% year-on-year [6] - The company plans to distribute a cash dividend of 5.92 yuan per 10 shares, resulting in a total dividend payout of 7.855 billion yuan, with a dividend payout ratio of approximately 40.65% [6] - The company has seen an increase in self-produced coal sales, with a total production of 138 million tons, a 2.5% increase year-on-year, while the average selling price of coal decreased by 1.2% to 564 yuan per ton [6] - The company is advancing its "coal-electricity-chemical-new" integrated industrial chain, with several projects under construction and in operation [6] - Due to falling coal prices, the profit forecasts for 2025 and 2026 have been revised down to 17.51 billion yuan and 17.78 billion yuan, respectively, with a new forecast for 2027 at 18.67 billion yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 186.30 billion yuan, with a year-on-year decrease of 1.6% [5] - Net profit forecast for 2025 is 17.51 billion yuan, reflecting a year-on-year decrease of 9.4% [5] - The company's return on equity (ROE) is projected to decline from 12.7% in 2024 to 11.3% in 2025 [5] - The price-to-earnings (PE) ratio for 2025 is estimated at 8, compared to an average PE of 11 for comparable companies [6]