GUANGHUI ENERGY(SH:600256) Changjiang Securities·2025-05-01 07:09Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's performance in 2024 is significantly impacted by a decline in energy prices, with a reported revenue of 36.44 billion yuan, a year-on-year decrease of 40.72%, and a net profit attributable to shareholders of 2.96 billion yuan, down 42.60% [2][6]. - In Q1 2025, the company reported a revenue of 8.90 billion yuan, a year-on-year decrease of 11.3%, and a net profit of 694 million yuan, down 14.1% year-on-year and 27.6% quarter-on-quarter [2][6]. - The company is accelerating the release of high-quality coal production capacity, with coal production in 2024 increasing by 64.02% to 43.25 million tons and sales rising by 52.39% to 47.23 million tons [2][6]. - The company emphasizes shareholder returns, distributing a cash dividend of over 0.70 yuan per share, resulting in a current dividend yield of 12.22% [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.44 billion yuan, with a gross profit margin of 21% [17]. - The company's operating profit for 2024 was 3.65 billion yuan, representing 10% of revenue [17]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.51 yuan, 0.61 yuan, and 0.69 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.29X, 9.34X, and 8.34X [2][17]. Production Capacity - The company is enhancing its coal production capacity, with the Bai Shihu coal mine's production capacity increasing to 35 million tons per year and the Marang No. 1 coal mine receiving approval for a capacity of 10 million tons per year [2][6]. - The total recoverable coal reserves exceed 6 billion tons, with ongoing development in the eastern mining area expected to accelerate due to strategic partnerships [2][6]. Market Conditions - The decline in natural gas prices has been significant, with average prices dropping by 9.7% to 26.6% across various markets, impacting overall sales volumes [2][6]. - The average price of 5500 kcal thermal coal at Qinhuangdao Port was 860.70 yuan per ton, down 10.99% year-on-year, reflecting a broader trend of price declines in the coal industry [2][6].