hbky(600985) Huachuang Securities·2025-04-15 14:33Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 14.49 CNY, compared to the current price of 12.48 CNY [5][10]. Core Insights - The company reported a revenue of 65.875 billion CNY for 2024, a decrease of 10.49% year-on-year, and a net profit attributable to shareholders of 4.855 billion CNY, down 22.00% year-on-year [2][4]. - The company is focusing on cost reduction, with the comprehensive cost per ton of coal decreasing by 11.74% year-on-year, despite a decline in both production and sales volumes [9][10]. - The ethanol production business is highlighted as a new growth driver, with an expected output of 370,000 tons in 2024, leveraging cost advantages and high-quality characteristics [9][10]. - The report anticipates a stabilization in coal prices, which are currently near historical lows, and expects an increase in iron and steel production in the second quarter [9][10]. Financial Summary - The total revenue forecast for 2025 is 64.496 billion CNY, with a projected net profit of 4.341 billion CNY, reflecting a year-on-year decrease of 10.6% [4][10]. - The earnings per share (EPS) for 2024 is estimated at 1.80 CNY, with a price-to-earnings (P/E) ratio of 7 [4][10]. - The company plans to distribute a cash dividend of 0.75 CNY per share in 2024, resulting in a dividend yield of 6.12% [9][10].