Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant growth in coal production and sales, indicating a broad long-term development outlook for the company [2][6] - The company has experienced a decline in revenue and net profit for 2024, but forecasts a recovery in the coming years with expected revenue growth [6][8] Summary by Sections Recent Performance - For 2024, the company achieved operating revenue of 36.441 billion yuan, a year-on-year decrease of 40.72%. The net profit attributable to shareholders was 2.961 billion yuan, down 42.60% [4][6] - In Q1 2025, the company reported operating revenue of 8.902 billion yuan, a year-on-year decline of 11.34%, with a net profit of 0.694 billion yuan, down 14.07% [4][6] Coal Business - The coal business saw rapid growth in 2024, with raw coal production increasing by 78.5% to 39.833 million tons and sales rising by 68.0% to 43.473 million tons [6] - In Q1 2025, raw coal production reached 14.067 million tons, up 138.8% year-on-year, while sales were 13.358 million tons, up 71.2% [6] Natural Gas Business - The company has proactively reduced its natural gas business scale to mitigate market price risks, resulting in a significant decline in total sales [6] - In 2024, total natural gas sales dropped by 52.95% to 40.856 billion cubic meters [6] Chemical Business - The chemical segment showed mixed results, with methanol production increasing by 18.43% to 1.0788 million tons in 2024, while sales decreased by 5.37% [6] - In Q1 2025, methanol production was 0.278 million tons, down 3.5% year-on-year [6] Financial Forecasts - Revenue projections for 2025-2027 are 41.482 billion yuan, 44.478 billion yuan, and 51.975 billion yuan, reflecting growth rates of 14%, 7%, and 17% respectively [8] - The net profit attributable to shareholders is expected to be 2.84 billion yuan in 2025, with a slight decline of 4% year-on-year, followed by growth of 31% and 41% in subsequent years [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights significant growth in revenue and net profit for the company, driven by increases in coal, aluminum, and electricity sales [5][6] - The company achieved a revenue of 29.859 billion yuan in 2024, representing an 11.23% year-on-year increase, and a net profit of 5.342 billion yuan, up 17.15% year-on-year [4][5] - The report anticipates continued growth in profitability for the company, supported by its coal, aluminum, and electricity segments [8] Summary by Sections Financial Performance - In 2024, the company produced approximately 48 million tons of coal, with sales of 47.76 million tons, both up 3% year-on-year. The unit price for coal increased by 9% to 213.5 yuan per ton, resulting in a coal gross profit of 124 yuan per ton, up 16% year-on-year [5] - The aluminum segment saw a 21.6% increase in gross profit per ton, with production and sales of 900,000 tons, also up 3% year-on-year. The unit price for aluminum rose by 7% to 17,402 yuan per ton [5] - The electricity segment experienced a 95% increase in sales from renewable energy, while coal power sales decreased by 1% to 5 billion kWh [5] Dividend and Shareholder Returns - The company announced a dividend payout of 1.793 billion yuan (including tax), with a dividend yield of 4.5% based on the total share capital of 2,241,573,493 shares [5] Future Projections - Revenue projections for 2025-2027 are 29.907 billion yuan, 35.011 billion yuan, and 36.604 billion yuan, respectively, with expected net profits of 5.555 billion yuan, 6.143 billion yuan, and 6.541 billion yuan [8][9] - The report estimates earnings per share (EPS) of 2.48 yuan, 2.74 yuan, and 2.92 yuan for the years 2025, 2026, and 2027, respectively [8]