作 者丨李彤欣 编 辑丨叶映橙 A股上市公司2 0 2 4年年报基本披露完毕。 2 0 2 4年以来，资本市场新"国九条" "科创板八条" "并购六条"等落地实施。上交所和深交所修 改 ST 和 退 市 规 则 ， 对 分 红 和 财 务 的 要 求 进 一 步 提 升 ， 从 2 0 2 5 年 1 月 1 日 起 执 行 。 在 监 管 引 导 下，上市公司积极分红回购，持续加大股东回报。 据 2 1 数 读 × 南 财 快 讯 统 计 ， 截 至 4 月 3 0 日 1 0 时 ， A 股 共 有 5 4 0 2 家 上 市 公 司 披 露 2 0 2 4 年 年 报 ， 3 6 4 5 家 上 市 公 司 拟 进 行 现 金 分 红 ， 占 比 约 为 6 7 . 4 8 %； 预 计 分 红 总 规 模 达 1 . 6 5 万亿元。A股2 0 2 4年度累计分红规模突破2 . 3万亿元。 各家上市公司分红情况如何？哪些公司掏出"真金白银"回馈投资者？2 1数读×南财快讯带你全 景速览A股2 0 2 4年年报现金分红情况。 金融、石油石化行业年报分红金额居前 分行业来看，银行、非银金融、石油石化板块的 ...

近日，在深交所主板上市的B公司发布了2024年度利润分配及资本公积金转增股本方案。该公司在 推出现金分红方案的同时，还推出了每10股转增20股的高送转方案。该方案一经公布，立即受到市场的 高度关注。 市场对B公司高送转方案如此关注，主要原因是A股市场已多年未见上市公司推出高送转方案。高 送转曾是上市公司利润分配的重要方式之一，也是市场追捧的热门题材。每逢上市公司年报披露季，高 送转往往成为市场最引人注目的亮点。 然而，由于高送转逐渐演变为滥送转，成为上市公司配合市场炒作甚至向大股东输送利益的工具， 自2018年起，监管部门开始从严监管上市公司高送转行为。2018年11月23日，沪深交易所发布高送转信 息披露指引，对上市公司高送转行为进行规范。加之监管部门积极引导上市公司实施现金分红，导致每 10股转增10股以上的高送转方案在A股市场逐渐消失。因此，此次B公司推出每10股转增20股的高送转 方案，自然引发市场广泛关注。甚至有观点认为，B公司此举可能为高送转重新开启了一道口子，预示 着上市公司高送转或将重现市场。 如何看待上市公司的高送转行为？个人认为，在这个问题上，不论是投资者、监管者还是上市公司 本身，都需要 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, primarily due to falling coal prices impacting its core coal trading business [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 44.709 billion yuan, a year-on-year increase of 0.86%, while net profit attributable to shareholders was 739 million yuan, a decrease of 30.25% [1]. - For Q1 2025, the company reported operating revenue of 9.949 billion yuan and net profit of 155 million yuan, representing declines of 4.91% and 35.44% year-on-year, respectively [1]. Coal Trading Business - The coal trading business, which contributes over 90% of the company's revenue, generated 41.487 billion yuan in 2024, a slight increase of 0.95% year-on-year [2]. - Coal sales volume reached 59.5837 million tons in 2024, up 7.39% year-on-year, but revenue was negatively impacted by a decrease in coal prices, resulting in a gross profit of 1.074 billion yuan, down 446 million yuan from 2023 [2]. - The gross profit margin for coal trading was 2.59%, a decrease of 1.11 percentage points year-on-year [2]. Thermal Power and New Energy Business - The thermal power generation business reported revenue of 3.135 billion yuan in 2024, a year-on-year increase of 0.29%, with a gross profit of 773 million yuan, reflecting a slight increase [3]. - The gross profit margin for the thermal power business improved to 24.68%, up 0.55 percentage points year-on-year [3]. - The new energy business generated revenue of 56 million yuan, a decrease of 7.30% year-on-year, but the gross profit margin for this segment increased significantly by 19.81 percentage points [3]. Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders after deducting non-recurring gains and losses [4]. - In 2024, the dividend payout ratio was 45.32%, resulting in a dividend yield of 4.64% [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.47 billion yuan, 4.56 billion yuan, and 4.71 billion yuan for 2025-2027, with year-on-year changes of -0.03%, +2.00%, and +3.32%, respectively [4]. - The price-to-earnings (PE) ratios for the stock as of April 25, 2025, are estimated to be 9.73, 8.82, and 8.16 for the years 2025, 2026, and 2027 [4].

Core Viewpoint - The company reported a decline in net profit for both the fiscal year 2024 and Q1 2025, indicating challenges in the coal market and operational performance [1][2]. Financial Performance - For the fiscal year 2024, the company achieved a net profit of 2.808 billion yuan, a decrease of 15% year-on-year [1]. - In Q1 2025, the net profit was 512 million yuan, down 34% year-on-year and 22% quarter-on-quarter [1]. - The company’s total expenses for 2024 were 1.12 billion yuan, a reduction of 150 million yuan year-on-year, with a decrease in expense ratio by 0.8 percentage points [3]. Production and Sales - In 2024, coal production was stable at 34.67 million tons, a slight decrease of 0.1% year-on-year, while coal sales were 29.97 million tons, down 0.4% [2]. - In Q1 2025, coal production fell to 7.86 million tons, a decrease of 6.9% year-on-year, and coal sales dropped significantly by 24.3% to 5.26 million tons [2]. - The average selling price of coal in 2024 was 491 yuan per ton, down 5 yuan year-on-year, while in Q1 2025, it further declined to 451 yuan per ton, a drop of 64 yuan year-on-year [2]. Financial Health - The company has a strong balance sheet with interest-bearing liabilities of only 1.38 billion yuan and cash reserves of 14.63 billion yuan as of the end of Q1 2025 [3]. - The company announced plans to acquire mining rights and related assets, which could increase production capacity by 29% [3]. Dividend Policy - The company increased its cash dividend payout ratio by 5 percentage points to 45%, with a proposed distribution of 7.55 yuan per 10 shares, totaling 1.264 billion yuan [3]. Investment Outlook - The company is expected to achieve net profits of 1.8 billion yuan, 2.1 billion yuan, and 2.4 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.4X, 9.1X, and 7.9X [4].

格力电器的财务状况持续向好。今年一季度，公司财务费用为-11.04亿元。 格力电器加大了分红力度。2024年全年，公司将派发现金红利166.92亿元。持股比1.80%的董事长董明珠，将获得 现金分红约3亿元。 一季度净利59亿创新高 格力电器的经营业绩延续了快速增长的好势头。 长江商报消息 ●长江商报记者 沈右荣 白电巨头之一格力电器（000651.SZ）经营业绩实现了"开门红"。 4月27日晚间，格力电器披露的2025年第一季度报告显示，今年前三个月，公司实现营业收入约416亿元，同比增 长逾13%；归属于母公司股东的净利润（以下简称"归母净利润"）约59亿元，同比增长逾26%。 格力电器一直具备较强盈利能力，2021年以来，公司归母净利润同比持续增长，2024年为321.85亿元。 今年第一季度，格力电器的经营现金流大幅向好，净流入金额为110.01亿元，同比增长约4.74倍。 从财报披露的信息看，截至今年3月末，格力电器合同负债182.48亿元，预示着还有增长空间。 根据一季报，今年前三个月，格力电器实现营业收入416.39亿元，同比增长13.78%；归母净利润59.04亿元，同比 增长26.29%；扣 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Views - The company is focusing on cost reduction and increasing production to offset the decline in coal prices, while also enhancing shareholder returns through increased dividend frequency [1][4][18] - The company plans to maintain a mid-term dividend in 2025, with a payout ratio of no less than 30% [3][18] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.39 billion yuan, a decrease of 15.4%, and a net profit attributable to shareholders of 3.98 billion yuan, down 20.0% [1][9] - The coal business showed stable production and sales, with a total coal production of 33.35 million tons, an increase of 1.9% year-on-year [2][11] - The average selling price for self-produced thermal coal and coking coal was 454 yuan/ton and 922 yuan/ton, respectively, both showing a decline compared to the previous year [2][11] Coal Business - The company reported a decrease in gross profit for the coal segment to 7.45 billion yuan, down 26.7 billion yuan year-on-year, primarily due to the decline in coal prices [2][11] - The unit sales cost for self-produced coal decreased to 269.8 yuan/ton, a reduction of 21.2 yuan/ton year-on-year, attributed to various cost management strategies [2][11] Coal Chemical Business - The coal chemical segment saw an increase in production and sales, with total production and sales of 1.559 million tons and 1.625 million tons, respectively, up 10.6% and 12.1% year-on-year [3][16] - The unit sales costs for major products decreased due to falling coal prices, with reductions of 2.1% to 18.8% across various products [3][16] Profit Forecast and Financial Indicators - The profit forecast for 2025-2027 has been adjusted to 16.8 billion yuan, 16.9 billion yuan, and 17.7 billion yuan, respectively, reflecting a downward revision due to anticipated coal price declines [4][20] - Key financial metrics include a projected net profit margin of 15.2% for 2025 and a return on equity (ROE) of 10.3% [5][21]

酒企作为传统分红"大户"，龙头公司的分红方案一直备受市场关注。4月27日晚，古井贡酒、泸州老窖 两家头部酒企发布大额分红方案。 4月27日晚，古井贡酒披露2024年年报，报告期内，公司实现营业收入约为235.78亿元，同比增长 16.41%；实现归属于上市公司股东的净利润约为55.17亿元，同比增长20.22%。公司拟每10股派发50元 (含税)。 泸州老窖4月27日晚披露的2024年年报显示，报告期内，公司实现营业收入约311.96亿元，同比增长 3.19%，实现归属于上市公司股东的净利润约134.73亿元，同比增长1.71%。公司拟每10股派发现金红利 45.92元（含税）。 当晚，格力电器披露的2024年年报显示，报告期内，公司实现营业收入1891.64亿元，同比下降7.26%； 实现归属于上市公司股东的净利润321.85亿元，同比增长10.91%。公司拟每10股派发现金红利20元（含 税）。此前，格力电器曾披露2024年中期利润分配预案，公司拟每10股派发现金红利10元（含税），不 送红股，不以公积金转增股本。 4月27日晚，多家上市公司披露大额分红方案。 其中，古井贡酒拟每10股派发现金红利50元（ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][10]. Core Views - The company experienced a decline in both coal production and sales, leading to a significant drop in revenue and profit margins. The average selling price of coal decreased by 1.03% year-on-year, while the average sales cost increased by 1.03% [6]. - The company announced a cash dividend of 0.755 CNY per share, resulting in a cash dividend payout ratio of 45%, which translates to a dividend yield of 6.58% based on the closing price of 11.47 CNY on April 25, 2025 [6]. - The report adjusts the revenue and profit forecasts for 2025-2027 due to downward pressure on coal prices, projecting revenues of 135.95 billion CNY, 138.04 billion CNY, and 141.52 billion CNY for 2025, 2026, and 2027 respectively [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 150.33 billion CNY, a decrease of 2.01% year-on-year, and a net profit of 28.08 billion CNY, down 14.93% year-on-year. The operating cash flow decreased by 51.46% [6]. - For Q1 2025, the company reported a revenue of 24.24 billion CNY, a decrease of 33.73% year-on-year, and a net profit of 5.12 billion CNY, down 34.35% year-on-year [6]. Production and Sales - In 2024, the company produced 34.67 million tons of raw coal, a slight decrease of 0.06% year-on-year, and sold 29.97 million tons of coal, down 0.43% year-on-year. The average selling price was 490.56 CNY per ton [6]. - In Q1 2025, raw coal production was 7.86 million tons, down 6.94% year-on-year, and coal sales were 5.26 million tons, down 24.33% year-on-year [6]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.18 CNY, 1.29 CNY, and 1.50 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 9.7X, 8.9X, and 7.6X [6].

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 9.73 billion yuan, a year-on-year growth of 15.82%, and net profit attributable to shareholders at 499 million yuan, up 53.08% [1] - The rise in prices for key metals such as tin, copper, and zinc contributed to the company's strong performance, alongside enhanced operational efficiency [1] - The company has initiated a mid-term cash dividend for the first time, with total dividends for 2024 amounting to 477 million yuan, representing 33.05% of the net profit [1] Financial Performance - In Q1 2025, the total production of non-ferrous metals reached 82,200 tons, including 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc, along with 30 tons of indium [1] - For the full year 2024, the company achieved total revenue of 41.973 billion yuan and a net profit of 1.444 billion yuan, reflecting a year-on-year growth of 2.55% [2] - The operating cash flow for the year was 3.405 billion yuan, an increase of 55.25%, and the debt-to-asset ratio decreased to 40.19%, down 9.05 percentage points from the beginning of the year [2] Shareholder Initiatives - The controlling shareholder proposed a share buyback plan, with a total amount between 100 million yuan and 200 million yuan, aimed at reducing registered capital and enhancing shareholder value [2] - The buyback initiative is based on the controlling shareholder's confidence in the company's future and aims to boost investor confidence and long-term value [2]

华立股份（603038）公告，2024年营业收入10.54亿元，同比增长33.00%。归属于上市公司股东的净利 润2310.13万元，同比增长24.24%。拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每 10股派发现金股利人民币0.5元(含税)，不实施资本公积转增股本。 ...