SCIE(600546) 大同证券·2025-05-07 04:25Investment Rating - The investment rating for the company is "Cautious Recommendation" (maintained) with a current price of 9.51 [1] Core Views - The company reported a high gross profit margin in coal production, maintaining a dividend payout ratio of 60% as expected [3][8] - The coal production business saw a target output of 33 million tons in 2024, with an actual output of 32.98 million tons, a year-on-year decrease of 15.40% [4] - The company actively implemented cost control measures, resulting in a decrease in coal production costs and maintaining a gross profit margin above 50% despite declining revenues [4][9] Summary by Sections Company Basic Data - The company's stock price ranged from 9.42 to 16.46 over the past 52 weeks, with a total market capitalization of 18.853 billion [3] Financial Performance - In 2024, the company achieved operating revenue of 29.561 billion, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 2.268 billion, down 46.75% [5] - For Q1 2025, the company reported operating revenue of 4.502 billion, a year-on-year decrease of 29.17%, and a net profit of 255 million, down 56.29% [5] Cost Management - The company managed to reduce coal production costs significantly, with the cost per ton of coal at 131.85 yuan, a decrease of 41.17% year-on-year [4][10] - Long-term borrowings increased to 5.193 billion in 2024, up 11.64% year-on-year, while financial expenses decreased due to lower borrowing costs [10] Shareholder Returns - The company has a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits [8] Future Outlook - The company expects coal prices to continue fluctuating downward, with projected net profits for 2024-2026 at 1.891 billion, 2.114 billion, and 2.336 billion respectively [9]