Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance has significantly improved due to increased coal and electricity output, with a focus on coal-electricity growth and high dividends [3][4] - The company reported a revenue of 23.16 billion yuan for 2024, a year-on-year increase of 19%, and a net profit attributable to shareholders of 3.01 billion yuan, up 17.7% year-on-year [3][4] - The forecast for net profit for 2025-2027 is adjusted to 3.06 billion, 3.59 billion, and 4.32 billion yuan respectively, reflecting a year-on-year growth of 1.7%, 17.4%, and 20.2% [3][4] Financial Performance Summary - In 2024, the company achieved a total electricity generation of 530.4 billion kWh, a year-on-year increase of 19.7%, and a total online electricity of 496.4 billion kWh, also up 19.8% [4] - The average on-grid electricity price for 2024 was 0.35 yuan/kWh, remaining stable compared to the previous year, while the cost per kWh increased by 7.5% to 0.25 yuan/kWh [4] - The coal production for 2024 was 18.61 million tons, a year-on-year increase of 5.1%, with external sales of self-produced coal reaching 8.04 million tons, up 40% year-on-year [4] Dividend Policy - The company plans to distribute a total cash dividend of 1.538 billion yuan for 2024, with a dividend payout ratio of 51%, resulting in a current dividend yield of 4.5% [4]
陕西能源：公司2024年报&2025一季报点评报告：煤电量增致业绩大涨，关注煤电成长及高分红-20250420