lu'an EED(601699) 信达证券·2025-04-29 07:44Investment Rating - The investment rating for Lu'an Environmental Energy (601699.SH) is "Buy" [1] Core Views - The report highlights significant cost reduction and efficiency improvements in the first quarter, with expectations for increased volume and reduced costs throughout the year [3] - The company aims to expand its resource base to address the short lifespan of existing mines, focusing on resource acquisition and project development [4][6] - The company is projected to maintain a high cash dividend payout ratio, reflecting strong asset quality and a solid operational strategy [6] Financial Performance Summary - In 2024, the company achieved total revenue of 35.85 billion yuan, a decrease of 16.89% year-on-year, and a net profit attributable to shareholders of 2.45 billion yuan, down 69.08% year-on-year [1] - The first quarter of 2025 saw a revenue of 6.97 billion yuan, a decline of 19.53% year-on-year, with a net profit of 0.66 billion yuan, down 48.95% year-on-year [2] - The company’s coal production in 2024 was 57.28 million tons, a decrease of 5.17% year-on-year, with expectations for recovery in the latter half of the year [3] Strategic Initiatives - The company is actively pursuing resource expansion and project construction to enhance its competitive edge in the coal industry [4] - A recent acquisition of coal exploration rights in Shanxi Province is expected to significantly boost the company's resource base [4] Earnings Forecast - The projected net profits for 2025-2027 are 1.86 billion, 2.44 billion, and 2.74 billion yuan respectively, with corresponding EPS of 0.62, 0.82, and 0.91 yuan per share [6] - The report maintains a positive outlook on the company's growth potential, supported by its strong market position and high dividend yield [6]