Core Viewpoint - The company is expected to outperform the industry in terms of coal prices due to its high-quality coking coal resources, despite a significant decline in sales driven by lower downstream demand [1]. Financial Performance - The company maintains a "Buy" rating, with projected total revenue of 45.29 billion yuan in 2024, a year-on-year decrease of 18.43%, and a net profit attributable to shareholders of 3.11 billion yuan, down 54.1% [2]. - In Q1 2025, total revenue is expected to be 9.03 billion yuan, a year-on-year decrease of 14.46%, with a net profit of 681 million yuan, down 28.33% [2]. - Earnings per share (EPS) estimates for 2025-2027 are 0.54, 0.59, and 0.66 yuan respectively, with a target price of 7.5 yuan based on a 14x PE valuation for 2025 [2]. Production and Sales - In 2024, raw coal production is projected to increase slightly to 47.22 million tons, a year-on-year growth of 2.47%, while total coal sales are expected to drop significantly to 25.60 million tons, a decrease of 20% [3]. - Specific sales figures include: raw coal sales of 1.22 million tons (up 56.41%), coking coal sales of 5.89 million tons (down 20.30%), and mixed coal sales of 7 million tons (down 35.13%) [3]. Pricing and Cost Management - The average selling price of the company's coal is expected to decline by 5.43% to 1,037.23 yuan per ton, which is better than the industry average decline of 11.42% for main coking coal prices [4]. - The company demonstrated strong cost control with operating costs in Q1 2025 down 17.51% year-on-year and 27% quarter-on-quarter, alongside a period expense ratio of 12.15% [4]. Future Growth Potential - The company announced a successful bid for exploration rights in Shanxi, acquiring coal and associated bauxite resources with a total coal reserve of 952.78 million tons and planned production capacity of 8 million tons per year [4].

Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, with a continued downward trend in Q1 2025, primarily driven by decreased coal sales and pressure on other business segments [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 45.3 billion yuan, a year-on-year decrease of 18.43%, and a net profit attributable to shareholders of 3.1 billion yuan, down 54.10% [1]. - For Q1 2025, the company reported operating revenue of 9.03 billion yuan, a decline of 14.5%, and a net profit of 680 million yuan, down 28.33% [1]. Coal Production and Sales - The decline in coal sales was the main reason for the performance drop in 2024, with total coal sales of 25.6 million tons, including significant decreases in various coal types: coking coal down 20.3%, fat coal down 17.67%, and lean coal down 12.37% [2]. - The average selling price of coal decreased by 5.43% to 1,037 yuan per ton, with coking coal priced at 1,544 yuan per ton, also down 5.4% [2]. Power and Other Business Segments - The power segment turned profitable in 2024, with revenue of 6.87 billion yuan, despite a decrease in electricity sales by 5.94% [3]. - The coking and building materials segments continued to face challenges, with coking revenue down 9.46% to 8.7 billion yuan and building materials revenue down 30.44% to 280 million yuan [3]. Future Outlook - The company is projected to achieve operating revenues of 36.9 billion yuan in 2025, with a gradual recovery expected in subsequent years, alongside a forecasted net profit of 2.12 billion yuan for 2025 [4].