Group 1 - The Shanghai Composite Index increased by 0.22%, reclaiming the 3500-point level [1] - The diversified financial sector continued its upward trend, while the organic silicon sector rebounded [1] - Active sectors included coal, pork, and cement building materials, with approximately 2700 stocks rising and 2400 stocks falling across the market [1] Group 2 - The net outflow of main capital was nearly 11 billion [1]

Investment Rating - The report maintains a "Buy" rating for Guanghui Energy (600256.SH) [2] Core Views - The company reported a total revenue of 36.441 billion yuan in 2024, a year-on-year decrease of 40.72%, with a net profit attributable to shareholders of 2.961 billion yuan, down 42.6% year-on-year [5] - The coal business showed significant growth, with production and sales increasing by 64.02% and 52.39% year-on-year, respectively, benefiting from the ramp-up of the Malang coal mine [5] - The company plans to distribute a cash dividend of 0.622 yuan per share, totaling 3.976 billion yuan, with a high payout ratio of 134.3%, resulting in a dividend yield of 10.6% based on the closing price [5] - The forecast for revenue from 2025 to 2027 is 39.9 billion yuan, 49.6 billion yuan, and 52.3 billion yuan, respectively, with net profits expected to be 3.5 billion yuan, 3.6 billion yuan, and 4.4 billion yuan [5] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.05 billion yuan, a year-on-year decrease of 15.59%, but a quarter-on-quarter increase of 9.93% [5] - The coal production for 2024 was 43.2524 million tons, with sales reaching 47.234 million tons, marking increases of 64.02% and 52.39% year-on-year, respectively [5] - The average selling price of coal in 2024 was 367.93 yuan per ton, down 22.55% year-on-year, while the cost was 283.5 yuan per ton, down 8.63% year-on-year [5] Business Segments - The non-coal business faced challenges, with coal chemical production and sales showing mixed results, while natural gas business remained stable [5] - The company’s coal chemical production was 2.2645 million tons, with sales of 2.4694 million tons, reflecting a year-on-year increase of 7.36% in production but a decrease of 8.42% in sales [5] Future Outlook - The company is expected to benefit from ongoing projects and strategic partnerships, particularly in coal and coal chemical integration [5] - The introduction of a strategic partner for the Naomao Lake East coal mine is anticipated to accelerate development efforts [5]

广汇能源(600256.SH) 2025 年 04 月 30 日 [Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： ...