丨证券研究报告丨 公司研究丨点评报告丨广汇能源（600256.SH） [Table_Title] 能源价格下跌拖累业绩，优质煤炭产能加速释放 报告要点 [Table_Summary] 公司披露 2024 年报和 2025 年一季报，2024 年公司实现营业收入 364.4 亿元，同比减少 40.72%；归母净利润 29.6 亿元，同比减少 42.60%。2025 一季度，公司实现营业收入 89.0 亿 元，同比减少 11.3%，归母净利润 6.94 亿元，同比减少 14.1%，环比减少 27.6%。主要产品 价格回落叠加煤化工检修，2024 年业绩承压；煤炭优质产能加速释放，煤炭产销量大幅提升； 引入合作方，东部矿区开发进度有望大幅提前；重视股东回报，每股派发现金股利超 0.7 元， 对应最新股息率达到 12.22%。 分析师及联系人 [Table_Author] 魏凯 王岭峰 SAC：S0490520080009 SAC：S0490521080001 SFC：BUT964 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 广汇能源（600256.SH） cjzq ...

资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn [Table_Main] 证券研究报告 | 公司点评 广汇能源(600256.SH) 2025 年 04 月 30 日 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 财务报 ...

广汇能源(600256.SH) 2025 年 04 月 30 日 [Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：5.73 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 2024-04 2024-08 2024-12 广汇能源 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -6.83 | -6.83 | -5.91 | | 相对涨幅(%) | -3.25 | -1.96 | -4.81 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《广汇能源（ 600256.SH）：聚焦能 源主业，具有稀缺"成长"属性》， 2024.9.20 广汇能源（600256.SH）：煤炭 产销增长，高股息凸显价值 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： ...

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 陈晨 S0350522110007 | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | chenc09@ghzq.com.cn [Table_Title] 煤炭产销增长显著，公司长期发展前景广阔 ——广汇能源（600256）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汇能源 | -11.3% | -5.5% | -13.8% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 5.72 | | 52 周价格区间（元） | | | 5.39-8.47 | | 总市值（百万） | ...

Group 1 - The company reported a revenue of 36.441 billion yuan and a net profit of 2.961 billion yuan for the year 2024, with total assets reaching 56.836 billion yuan, while accelerating its transition to renewable energy and hydrogen sectors under the "dual carbon" strategy [1] - The coal segment achieved a record raw coal production of 39.8329 million tons, a year-on-year increase of 78.52%, and external sales of 47.234 million tons, up 52.39% year-on-year [2] - The company has been recognized as a national high-skilled talent training base and a national high-tech enterprise, with over 400 patents granted in 2024, indicating a strong focus on technological innovation [2] Group 2 - The company plans to implement a differentiated dividend plan, distributing a cash dividend of 6.22 yuan per 10 shares (tax included), with an actual cash distribution of 0.7 yuan per share (tax included), resulting in a dividend payout ratio of 151.16% of net profit [2] - In 2025, the company aims to enhance management through improved production efficiency, cost optimization, and safety control, while accelerating the approval of eastern mining projects [3] - Key transformation projects such as the large-scale application of hydrogen fuel trucks, the demonstration project for differentiated coal utilization of 15 million tons, and advancements in CCUS technology will be accelerated to drive high-quality development [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][41][44] Core Views - The company is experiencing a decline in revenue and profit due to falling coal prices and a reduction in natural gas trade volumes in response to market conditions [11][41] - The coal segment shows significant growth in production and sales volume, despite a decrease in coal prices [2][23] - The company is actively reducing its natural gas trade volume due to unfavorable market pricing for imported LNG [3][24] - The coal chemical segment remains stable, with an increase in methanol production, and the company plans to invest in a new coal utilization project [4][41] Summary by Sections Financial Performance - In 2024, the company reported total assets of 56.836 billion yuan, a decrease of 3.24% year-on-year. Revenue was 36.441 billion yuan, down 40.72%, and net profit attributable to shareholders was 2.961 billion yuan, down 42.60% [11][41] - For Q1 2025, revenue was 8.902 billion yuan, a decrease of 11.34% year-on-year, with net profit of 0.694 billion yuan, down 14.07% [11][41] Coal Segment - The average price of Shanxi 5500K thermal coal at Qinhuangdao port in 2024 was 854.92 yuan/ton, down 11.44% year-on-year. The company's sales price for coal decreased by 15.85% [2][23] - The company achieved a raw coal production of 39.8329 million tons in 2024, an increase of 78.52%, and coal sales of 47.234 million tons, up 52.39% [2][23] Natural Gas Segment - The company produced 0.682 billion cubic meters of self-produced gas in 2024, an increase of 17.58%, while trade gas sales fell by 51.65% to 3.244 billion cubic meters [3][24] Coal Chemical Segment - Methanol production for 2024 was 1.0788 million tons, an increase of 18.43%. The company plans to invest approximately 16.48 billion yuan in a new coal utilization project, expected to generate an average annual after-tax profit of 1.64 billion yuan [4][41] Future Outlook - The company has adjusted its profit forecasts for 2025-2026 downwards but has introduced a new forecast for 2027, maintaining the "Outperform the Market" rating [41][44]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance in 2024 and Q1 2025 has been significantly impacted by the decline in energy prices, with a notable drop in revenue and net profit [3][5] - The company is expected to benefit from the release of long-term production capacity, particularly from the Marang coal mine, which has recently obtained mining rights [6][9] - Future growth is anticipated through strategic partnerships and new projects aimed at enhancing coal utilization and expanding the coal-chemical industry [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 36.44 billion yuan, a decrease of 40.72% year-on-year, and a net profit attributable to shareholders of 2.96 billion yuan, down 42.60% [3][10] - For Q1 2025, revenue was 8.90 billion yuan, a decline of 11.34% year-on-year, with a net profit of 0.69 billion yuan, down 14.07% [3][10] - The company’s LNG production in 2024 was approximately 489,600 tons, an increase of 17.58% year-on-year, while sales volume dropped by 52.95% [5][6] - Coal production in 2024 reached 43.25 million tons, a 64.02% increase year-on-year, with a significant rise in raw coal production [5][10] Future Outlook - The Marang coal mine is expected to significantly increase its output in 2025, contributing to the company's overall production growth [6][9] - The company plans to establish a 15 million tons/year coal utilization demonstration project to enhance local coal consumption capabilities [8] - The introduction of strategic partners for the development of coal-chemical projects is anticipated to accelerate the company's growth in the coal market [7][9]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at CNY 36.44 billion, down 40.72% year-on-year, and net profit at CNY 2.96 billion, down 42.60% year-on-year [1]. - Despite the decline in overall financial performance, the company reported a substantial increase in coal production, with a 64.02% year-on-year increase in coal output for 2024 [3]. - The company plans to invest CNY 16.48 billion in a new coal utilization project, which is expected to generate an average annual after-tax profit of CNY 1.64 billion once operational [5]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of CNY 10.05 billion, with a year-on-year decrease of 15.59% but a quarter-on-quarter increase of 9.93% [2]. - The gross profit margin for Q4 2024 was reported at 27.83%, reflecting a year-on-year increase of 13.60 percentage points [2]. - The coal production for Q4 2024 reached 19.21 million tons, marking a year-on-year increase of 176.57% [3]. - The company’s natural gas sales dropped significantly by 52.95% in 2024, leading to a gross profit of CNY 1.88 billion, down 39.68% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are CNY 3.02 billion, CNY 3.38 billion, and CNY 3.84 billion respectively, with corresponding EPS of CNY 0.46, CNY 0.51, and CNY 0.58 [6][7].

Investment Rating - The investment rating for the company is "Buy," maintaining the same rating as the previous report [1]. Core Views - The company's performance in 2024 and Q1 2025 has been significantly impacted by the decline in energy prices, particularly coal and natural gas, leading to a substantial decrease in revenue and net profit [3][5]. - Despite the short-term challenges, the company is expected to benefit from the release of long-term production capacity, particularly from the Marang coal mine and strategic partnerships in coal chemical projects [8][9]. Financial Performance Summary - In 2024, the company achieved a total revenue of 36.441 billion yuan, a year-on-year decrease of 40.72%, and a net profit attributable to shareholders of 2.961 billion yuan, down 42.60% [3][10]. - For Q1 2025, the company reported revenue of 8.902 billion yuan, a decline of 11.34% year-on-year, and a net profit of 694 million yuan, down 14.07% [3][10]. - The company's LNG production in 2024 was approximately 489,600 tons, an increase of 17.58% year-on-year, while LNG sales dropped by 52.95% to approximately 293,100 tons [5][6]. - Coal production in 2024 reached 43.2524 million tons, a significant increase of 64.02% year-on-year, with sales also rising by 52.39% [5][6]. Future Outlook - The Marang coal mine is expected to significantly increase its production capacity in 2025, contributing to the company's long-term growth [8][9]. - The company plans to establish a 15 million tons/year coal quality utilization demonstration project, enhancing its coal consumption capabilities [8][9]. - Strategic partnerships, such as the collaboration with the Naomao Lake East coal mine, are anticipated to expand the company's market capacity and resource utilization [7][8]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 3.598 billion yuan, 4.239 billion yuan, and 4.691 billion yuan, respectively, with corresponding EPS of 0.55, 0.65, and 0.71 yuan [9][10].

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]