SCC(600740) Minsheng Securities·2025-04-25 05:32Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company reported a significant decline in both revenue and net profit for 2024, with revenue of 7.507 billion yuan, down 14.2% year-on-year, and a net profit of 263 million yuan, down 79.37% year-on-year [3][4]. - In Q1 2025, the company experienced a net loss of approximately 70.26 million yuan, compared to a net profit of 65.82 million yuan in the same period last year, indicating a shift from profit to loss [3][5]. - The company's main business segments, including coking and chemical production, faced losses in 2024, with a notable decrease in production and sales volumes [4][5]. Summary by Sections Financial Performance - For 2024, the company produced 2.8291 million tons of coke, a decrease of 2.73% year-on-year, and sold 2.8198 million tons, down 2.68% year-on-year. The average selling price of coke was 1,828.03 yuan/ton, down 14.99% year-on-year [4]. - The gross margin for the coke business fell to -24.06%, a decline of 8.12 percentage points year-on-year [4]. - In Q1 2025, the company reported a revenue of 1.682 billion yuan, with a cost of sales of 1.874 billion yuan, resulting in an operating loss of 192 million yuan [5]. Investment Income - The company recognized investment income of 322 million yuan in Q1 2025, a decrease of 57.96% year-on-year [5]. - The report forecasts net profits for 2025-2027 to be 970 million yuan, 1.22 billion yuan, and 1.70 billion yuan respectively, with corresponding EPS of 0.04, 0.05, and 0.07 yuan [6][7]. Dividend Policy - The company plans to distribute a cash dividend of 0.2 yuan per share, which represents 19.48% of the net profit attributable to shareholders for 2024, resulting in a dividend yield of 0.55% based on the stock price as of April 24, 2025 [4].