Core Viewpoint - The company reported a revenue of 245.6 billion yuan in 2024, a year-on-year decrease of 3.5%, while the net profit attributable to shareholders was 10.1 billion yuan, an increase of 20%, aligning with expectations. The dividend per share was 0.27 yuan, up 35% year-on-year, with a payout ratio of 58.9%, which is better than anticipated [1] Group 1: Financial Performance - The coal-fired power segment saw a year-on-year decrease in benchmark coal price by 9%, leading to a recovery in pre-tax profit to 0.02 yuan per kWh. The utilization hours for coal power decreased by 2.3% to 4,285 hours, with electricity prices down 2.2%, but significant reductions in fuel costs helped pre-tax profits recover to 7.2 billion yuan compared to 0.43 billion yuan in 2023 [1] - In the renewable energy sector, pre-tax profits for wind and solar power were 0.18 yuan and 0.15 yuan per kWh, respectively, with declines of 1% and 20% year-on-year. Solar power was affected by electricity price pressures, although its profit remained above industry levels [1] - The overseas business reported a pre-tax profit of 2.7 billion yuan from Singapore, down 38% year-on-year, while profits from Pakistan reached a record high of 0.97 billion yuan, up 61% [2] Group 2: Future Development Trends - The company plans capital expenditures of 69.4 billion yuan in 2025, a year-on-year increase of 12%, primarily driven by solar power installations. The planned installed capacity for wind and solar power is 2.6 GW and 6.7 GW, respectively, with a total of approximately 10 GW of new renewable energy capacity expected [3] - The company anticipates a significant reduction in long-term contract electricity prices, with a projected increase of 5% over the benchmark price, down 8 percentage points year-on-year. However, early-year coal prices have decreased unexpectedly, alleviating some electricity price pressures [3] Group 3: Profit Forecast and Valuation - Due to a greater-than-expected decline in coal prices, the company has raised its profit forecast for 2025 by 2.8% to 11.5 billion yuan. The revenue is expected to increase by 1.4% year-on-year to 243.9 billion yuan, with net profit projected to rise by 9.4% to 12.6 billion yuan [4] - The target prices remain unchanged at 10.49 yuan for A-shares and 5.35 HKD for Hong Kong shares, indicating an upside potential of 54.5% and 19.7% from current prices, respectively. The current trading multiples for A-shares are 12.4x and 11.0x P/E for 2025E and 2026E, while for Hong Kong shares, they are 7.6x and 6.7x P/E [4]

Core Insights - The company reported a total revenue of 59.715 billion yuan for 2024, a year-on-year decrease of 0.64%, with a net profit attributable to shareholders of 4.989 billion yuan, down 1.26% from the previous year [1] - In Q4 2024, total revenue reached 15.603 billion yuan, representing a year-on-year increase of 13.46%, while net profit attributable to shareholders was 1.185 billion yuan, up 63.27% year-on-year [1] Meat Products Segment - The revenue from the meat products business was 24.79 billion yuan in 2024, a decline of 6.2% year-on-year, with sales volume down 6.1% due to weak terminal demand [1] - The profit per ton for meat products reached 4,469 yuan, an increase of 13.8% year-on-year, marking a historical high [1] - In Q4 2024, revenue from meat products was 5.59 billion yuan, a slight decrease of 0.4% year-on-year, with the decline significantly narrowing due to a low base effect from Q4 2023 [1] - For 2025, the company plans to implement a "two adjustments and one control" operational strategy, focusing on sales organization reform and market specialization [1] Slaughtering and Breeding Business - The revenue from the slaughtering business was 30.33 billion yuan in 2024, down 2.1% year-on-year, with external transaction revenue at 26.93 billion yuan, up 1.1% [2] - The company slaughtered approximately 10.29 million pigs in 2024, a decrease of 19% year-on-year, with fresh meat sales down 4.4% [2] - In Q4 2024, the slaughtering business achieved revenue of 8.5 billion yuan, a year-on-year increase of 22%, driven by lower prices and increased slaughter volume [2] - The company aims to enhance the breeding and poultry sectors in 2025 to improve operational quality and profitability [2] Dividend Policy - The company plans to distribute a cash dividend of 0.75 yuan per share for the year, in addition to a mid-term dividend of 0.66 yuan per share, resulting in an annual dividend payout ratio of approximately 98% [2] Profit Forecast - The company adjusted its profit forecasts for 2025-2027, expecting revenues of 62 billion, 64.1 billion, and 66 billion yuan, representing year-on-year growth of 3.9%, 3.4%, and 2.9% respectively [3] - The net profit attributable to shareholders is projected to be 5.21 billion, 5.49 billion, and 5.72 billion yuan for the same years, with year-on-year growth rates of 4.4%, 5.4%, and 4.3% [3] - The corresponding price-to-earnings ratios are estimated to be 18x, 17x, and 16x, maintaining a "buy" rating [3]