华阳股份（600348）：2024年报、2025年一季报点评报告：煤炭量价齐跌致业绩承压，关注煤矿成长及转型

Investment Rating - The investment rating for Huayang Co., Ltd. is maintained at "Buy" [1] Core Views - The company's performance is under pressure due to a decline in both coal volume and price, with a focus on coal mine growth and transformation [4][5] - In 2024, the company achieved revenue of 25.06 billion yuan, a year-on-year decrease of 12.1%, and a net profit attributable to shareholders of 2.22 billion yuan, down 57.1% year-on-year [4][5] - The company has sufficient capacity under construction and planned, with ongoing progress in new energy and new material businesses such as sodium-ion batteries and photovoltaic components [4][5] Financial Performance Summary - In 2024, the company reported a revenue of 25.06 billion yuan, a decrease of 12.1% year-on-year, and a net profit of 2.22 billion yuan, down 57.1% year-on-year [4][6] - For Q1 2025, the company achieved revenue of 5.82 billion yuan, a year-on-year decrease of 5.5%, and a net profit of 600 million yuan, down 31.2% year-on-year [4][5] - The company’s coal production in 2024 was 38.37 million tons, a decrease of 7.7% year-on-year, while Q1 2025 production increased by 16.9% year-on-year [5] Capacity and Transformation - The company has ongoing projects that will contribute to future capacity growth, including the commissioning of a 5 million tons/year coal mine and successful bids for exploration rights [5] - The new energy and new materials sector is developing steadily, with successful R&D of sodium-ion battery emergency power sources and high-quality photovoltaic components [5] Dividend Policy - The company announced a cash dividend of 1.115 billion yuan for 2024, with a dividend payout ratio of 50.11%, reflecting a slight increase year-on-year [5]