CHINA COAL ENERGY(SH:601898) 光大证券研究·2025-03-24 10:05Core Viewpoint - The company reported a slight decline in annual revenue and net profit for 2024, but showed significant growth in Q4, indicating a potential shift in profitability trends [3][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 189.39 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 19.32 billion yuan, down 1.1% year-on-year [3]. - For Q4 2024, the company recorded operating revenue of 48.99 billion yuan, an increase of 33.3% year-on-year, and a net profit of 4.71 billion yuan, up 65.5% year-on-year, indicating a reduction in seasonal profit characteristics [4]. Group 2: Coal Business Performance - The coal business generated revenue of 160.71 billion yuan in 2024, a decrease of 1.2%, with a gross profit of 39.63 billion yuan, down 2.2% year-on-year [5]. - The company produced 137.57 million tons of coal in 2024, an increase of 2.5%, while coal sales remained stable at 284.83 million tons [5]. - The average selling price of self-produced coal was 562 yuan per ton, down 6.6%, but the unit sales cost decreased by 8.2% to 282 yuan per ton, helping to offset the decline in sales price [5]. Group 3: Non-Coal Business and Financial Services - The non-coal business saw a slight decline in gross profit to 7.73 billion yuan, down 3.9% year-on-year, with specific declines in coal chemical and mining equipment sectors [6]. - The financial services segment, primarily through the financial company, achieved a gross profit of 1.56 billion yuan, an increase of 11.9%, contributing positively to overall performance [6]. Group 4: Dividend Policy - The company announced a profit distribution plan for 2024, with a total dividend of 0.59 yuan per share, resulting in a dividend payout ratio of 40.65% and an annual dividend yield of 5.79% based on the closing price on March 21, 2025 [7].