➢ 事件：2025 年 3 月 21 日，公司发布 2024 年年报。2024 年，公司实现营 业收入3383.75亿元，同比下降1.37%；归母净利润 586.71元，同比下降 1.71%； 扣非归母净利润 601.25 亿元，同比下降 4.36%。国际企业会计准则下，2024 年 公司实现归母净利润 624.21 亿元，同比下降 3.41%。 ➢ 非经项目捐赠支出影响业绩，24Q4 盈利同比增长、环比下降。2024 年公 司非经常性损益中对外捐赠支出 25.07 亿元，影响业绩释放。2024 年四季度， 公司实现营业收入 844.76 亿元，同环比-6.77%/-1.57%；归母净利润 125.97 亿 元，同环比+10.26%/-23.98%；扣非归母净利润 140.91 亿元，同环比-6.42%/- 14.87%。国际企业会计准则下，24Q4 公司实现归母净利润 118.52 亿元，同环 比-2.24%/-33.41%。 ➢ 2024 年分红比例 76.5%，A 股股息率 6.2%，H 股股息率 7.8%，2025- 2027 年承诺分红比例下限提升 5pct 至 65%。公司拟派发 2024 年度股 ...

中煤能源（601898.SH）2024 年年报点评 业绩微降，稳定性凸显 2025 年 03 月 22 日 ➢ 事件：2025 年 3 月 21 日，公司发布了 2024 年年度报告。2024 年，公司 实现营业收入 1894.0 亿元，同比下降 1.9%；归母净利润为 193.2 亿元，同比下 降 1.1%；扣非归母净利润为 191.0 亿元，同比下降 1.3%。另外，公司国际会计 准则下的归母净利润为 181.6 亿元，同比下降 10.0%，和中国会计准则下归母净 利润的差异主要在于专项储备及相关递延税调整存在 11.7 亿元。 推荐 维持评级 当前价格： 10.23 元 [Table_Author] ➢ 24Q4 归母净利润同比大增、环比微降。24Q4，公司实现营业收入 489.9 亿元，同比增长 33.3%、环比增长 3.3%；归母净利润为 47.1 亿元，同比大增 65.5%、环比下降 2.4%；扣非归母净利润为 46.8 亿元，同比大增 67.4%、环比 下降 1.9%。 ➢ 24Q4 煤炭产量环比增长，动力煤价格稳定。1）24 全年量增价减：公司商 品煤产量为 13757 万吨，同比+2.5%， ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved stable performance in 2024, with a revenue of 184.145 billion yuan, a year-on-year increase of 1.47% (adjusted), and a net profit attributable to shareholders of 22.196 billion yuan, a decrease of 3.97% (adjusted) [1]. - The high dividend yield of 6.8% highlights the investment value, based on the company's shareholder return plan, which stipulates a cash dividend ratio of no less than 60% of the distributable profit for the years 2022-2024 [1]. - The consolidation of power assets has enhanced the stability of the company's performance, with coal production increasing by 4.13% year-on-year to 170 million tons and coal sales rising by 9.91% to 260 million tons in 2024 [2]. - Future profitability is expected to double due to the large installed capacity of power projects under construction, with the total installed capacity of coal-fired units in operation at 8,300 MW and under construction at 10,000 MW [2]. Summary by Sections Financial Performance - In Q4 2024, the company is projected to achieve a net profit of 6.253 billion yuan, a quarter-on-quarter increase of 16.07% and a year-on-year increase of 23.59% (unadjusted) [3]. - The company’s coal production in Q4 2024 is expected to be 42.717 million tons, with a year-on-year increase of 8.26% [3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 22.196 billion, 19.050 billion, and 19.844 billion yuan, respectively, with corresponding EPS of 2.29, 1.96, and 2.06 yuan [3][8]. Valuation Metrics - The company’s PE ratios for 2024-2026 are projected to be 9, 10, and 10 times, respectively, based on the closing price on March 14, 2025 [3][8]. - The PB ratios for the same period are expected to be 1.9, 1.8, and 1.7 [8]. Dividend Policy - The company’s dividend policy ensures a minimum cash dividend payout of 60% of the distributable profit, leading to a projected dividend yield of 6.8% for 2024 [1].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a stable performance in 2024, with a revenue of 184.145 billion yuan, a year-on-year increase of 1.47% (adjusted), and a net profit attributable to shareholders of 22.196 billion yuan, a decrease of 3.97% (adjusted) [1][2]. - The high dividend yield of 6.8% highlights the investment value of the company, based on a cash dividend plan that ensures at least 60% of the distributable profit is returned to shareholders [1]. - The consolidation of power assets has enhanced the stability of the company's performance, with coal production increasing by 4.13% year-on-year to 170 million tons and coal sales rising by 9.91% to 260 million tons in 2024 [2]. Summary by Sections Financial Performance - In Q4 2024, the company is expected to achieve a net profit of 6.253 billion yuan, a quarter-on-quarter increase of 16.07% and a year-on-year increase of 23.59% (unadjusted) [3]. - The company’s coal production in Q4 2024 is projected to be 42.717 million tons, with a year-on-year growth of 8.26% [3]. Future Outlook - The company’s power projects have significant installed capacity, with operational coal-fired units totaling 8,300 MW and an additional 10,000 MW under construction, indicating potential for future profit doubling once these projects are operational [2]. - The forecast for net profit for 2024-2026 is 22.196 billion, 19.050 billion, and 19.844 billion yuan, respectively, with corresponding EPS of 2.29, 1.96, and 2.05 yuan [3][8]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 9 for 2024 and 10 for 2025 and 2026, indicating a stable valuation outlook [3][8]. - The report highlights a dividend yield of 6.8% for 2024, reflecting strong shareholder returns [1][8].