HYMD(600971) KAIYUAN SECURITIES·2025-04-25 07:56Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's performance is under pressure due to a decline in both volume and price, with a focus on coal-electricity integration and high dividends [2][3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 510 million, 660 million, and 750 million yuan respectively, which represents a year-on-year decline of 52.2% in 2025, followed by growth in the subsequent years [3][4] Financial Performance Summary - In Q1 2025, the company reported operating revenue of 1.18 billion yuan, a year-on-year decrease of 42.5% and a quarter-on-quarter decrease of 24.7% [3][4] - The net profit attributable to the parent company for Q1 2025 was 30 million yuan, down 93.7% year-on-year and 78.6% quarter-on-quarter [3][4] - The coal production volume in Q1 2025 was 2.366 million tons, a decrease of 7% year-on-year, while the sales volume of commercial coal was 1.604 million tons, down 16.5% year-on-year [4][5] Business Outlook - The company has significant coal mining resources and plans to expand its coal business through internal asset injections, with a coal production capacity of 10.95 million tons per year [5] - The company's power generation capacity is expected to increase, with ongoing projects that will enhance its operational scale [5] - The dividend payout ratio for 2024 is projected to be 52.61%, indicating a current dividend yield of 6.1% based on the closing price on April 24, 2025 [5]