华阳股份（600348）：无烟煤龙头蝶变，钠电+碳纤维开启第二增长曲线

Investment Rating - The report assigns a cautious recommendation rating to Huayang Co., Ltd. [1] Core Viewpoints - Huayang Co., Ltd. is a leading producer of smokeless coal in China, with over 80% of its revenue and 94% of its gross profit derived from its coal business, which serves as the core pillar of its performance [1] - The company is transitioning towards new energy and materials, focusing on sodium batteries and carbon fiber to establish a second growth curve [2] - The company has a strong cost control mechanism, with coal gross margins maintained around 40%, showcasing resilience during market downturns [1][2] - The integration of coal and electricity operations has led to stable revenue growth in its power supply business, effectively countering coal price fluctuations [1] Company Overview - Huayang Co., Ltd. has a clear business structure with coal as its core and new energy materials as growth drivers, aiming for new energy and materials to account for 40% of revenue by the end of the 14th Five-Year Plan [13][14] - The company has a robust financial position with a high dividend payout ratio, expected to reach around 50% in 2023-2024, enhancing shareholder value [2] Coal Business - The coal business generated revenue of 201.54 billion yuan in 2024, contributing 81.06 billion yuan to gross profit, solidifying its role as the main profit contributor [20] - The company is actively increasing its coal production capacity, with a total approved capacity of 40.9 million tons per year by the end of 2025 [21] - Huayang Co., Ltd. has secured significant coal resources, including a recent acquisition of a coal exploration right with an estimated resource of 630 million tons [22] Power Supply Business - The power supply business has seen significant growth, with revenue reaching 20.11 billion yuan in 2024, a year-on-year increase of 295% [32] - The company operates a key low-heat value coal power project, which enhances its coal-electricity integration and reduces fuel costs [29] New Energy Transition - The sodium battery business is a core focus, with a complete industrial chain established, and commercial applications are accelerating [36] - The company is also developing high-performance carbon fiber, with plans to produce 1,000 tons by the end of 2025, targeting high-end markets [51] - The photovoltaic business is expanding steadily, although it faces challenges due to industry competition and has not yet achieved profitability [47]