GUANGHUI ENERGY(SH:600256) Dongxing Securities·2025-05-27 12:23Investment Rating - The report maintains a "Strong Buy" rating for Guanghui Energy [4] Core Views - The company's performance has been significantly impacted by falling natural gas prices and a sharp decline in sales, leading to a substantial decrease in revenue and net profit for 2024 and Q1 2025 [1][3] - Despite the challenges, the company is expected to maintain high dividend payouts, enhancing shareholder returns [11] Financial Performance Summary - In 2024, Guanghui Energy reported revenue of CNY 36.44 billion, a year-on-year decrease of 40.72%, and a net profit of CNY 2.96 billion, down 42.60% [1] - For Q1 2025, the company achieved revenue of CNY 8.90 billion, a decline of 11.34% year-on-year, with a net profit of CNY 0.69 billion, down 14.07% [1] - The coal business showed resilience with a significant increase in production and sales, despite a decrease in coal prices [2] - The natural gas segment faced challenges with a 52.95% drop in sales volume, although production increased by 17.58% [3] Business Segment Analysis - Coal Business: The coal segment saw a production increase of 78.52% in 2024, reaching 39.83 million tons, and sales increased by 52.39% to 47.23 million tons [2] - Natural Gas Business: The average transaction price for LNG in China fell by 7.2% to CNY 4,512.57 per ton, with sales volume dropping significantly [3] - Coal Chemical Business: The company achieved a methanol production increase of 18.43% in 2024, with total coal chemical product output rising by 7.36% [3] Future Outlook - The company is expected to maintain high dividend yields, with projected net profits of CNY 2.88 billion, CNY 3.47 billion, and CNY 3.96 billion for 2025, 2026, and 2027 respectively [11] - New project developments in coal and coal chemical sectors are anticipated to contribute to long-term growth [10]