24 年受安监影响煤炭产销下滑，25Q1 产销恢复性增长，吨煤成本大幅下降以对冲售价下行压力。 产销方面，2024 年原煤产量3837 万吨，同比-16.4%，原煤销量3554 万吨，同比-13.3%；25Q1 原煤产 量994 万吨，同比+16.9%，环比+3.2%，商品煤销量875 万吨，同比+5.7%，环比-2.3%。值得注意的 是，公司保供电煤兑现率位居山西省属上市公司保供企业之首。 公司发布2024 年及2025 年一季度业绩公告。公司2024 年实现营业收入250.60亿元，同比-12.13%；归母 净利润22.25 亿元，同比-57.05%；2025Q1 归母净利润5.97 亿元，同比-31.18%，环比+47.10%，略超预 期。 利价方面，2024 年吨煤售价567 元/吨，同比-6.4%，吨煤成本339 元/吨，同比+14.7%，吨煤毛利228 元/ 吨，同比-26.5%。25Q1 吨煤售价512 元/吨，同比-13.1%（（ 同期港现现同同比-19.3%），环 比-11.0%；吨煤成本 292元/吨，同比-19.1%，环比-11.8%；吨煤毛利219 元/吨，同比-3.4%，环 比-10 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [6] Core Views - The company has shown significant results in quality improvement and cost reduction, with a promising future driven by innovation and growth [1] - In 2024, the company achieved a revenue of 25.06 billion yuan, a year-on-year decrease of 12.13%, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1] - The first quarter of 2025 saw a net profit of 597 million yuan, a year-on-year decline of 31.18% but a quarter-on-quarter increase of 47.10%, slightly exceeding expectations [1] Financial Performance - The company’s coal production in 2024 was 38.37 million tons, a decrease of 16.4% year-on-year, while coal sales were 35.54 million tons, down 13.3% year-on-year [9] - The average selling price of coal in 2024 was 567 yuan per ton, a decrease of 6.4% year-on-year, while the cost per ton was 339 yuan, an increase of 14.7% year-on-year [9] - The company plans to distribute a cash dividend of 1.115 billion yuan in 2024, with a payout ratio of 50.11%, resulting in a dividend yield of 4.70% based on the closing price on April 25 [4] Strategic Developments - The company actively participated in mineral rights auctions, securing coal exploration rights in Shanxi Province for 6.3 billion tons of coal resources, enhancing its resource reserves and core competitiveness [3] - The Qiyuan coal mine is set to begin trial operations in December 2024, with plans to accelerate key project construction and ensure timely commencement and completion of projects [3] - The company is focusing on high-quality development, expanding into new energy and new materials sectors, and achieving breakthroughs in sodium-ion battery production and high-performance carbon fiber projects [4]