Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company reported stable performance in coal production and sales, with a slight decline in revenue and profit for 2024 and Q1 2025. The revenue for 2024 was CNY 15.033 billion, down 2.0% year-on-year, and the net profit attributable to shareholders was CNY 2.808 billion, down 14.9% year-on-year [1][2]. - The company plans to distribute a cash dividend of CNY 0.755 per share, resulting in a dividend payout ratio of 45%, which is an increase of 5 percentage points from 2023, yielding a dividend yield of 6.6% based on the stock price as of April 25, 2025 [2]. - The company is initiating the injection of mining rights assets from its controlling shareholder, which is expected to enhance production capacity significantly [4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of CNY 3.799 billion, with a net profit of CNY 0.657 billion, showing a significant recovery compared to previous quarters [1]. - For Q1 2025, the company reported a revenue of CNY 2.424 billion, down 33.7% year-on-year, and a net profit of CNY 0.512 billion, down 34.4% year-on-year [1][3]. - The company’s coal production in 2024 was 34.6664 million tons, with a slight decrease in sales and prices, maintaining a gross margin of 49.78% [2][3]. Dividend Policy - The company has proposed a cash dividend of CNY 12.64 billion for 2024, with a payout ratio of 45% [2]. Future Outlook - The company forecasts net profits for 2025-2027 to be CNY 2.170 billion, CNY 2.348 billion, and CNY 2.471 billion respectively, with corresponding EPS of CNY 1.30, CNY 1.40, and CNY 1.48 [4][6]. - The company is expected to benefit from the asset injection, which will enhance its production capacity to 10 million tons per year [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company has demonstrated stable performance in Q1 2025, with a high dividend yield of approximately 7% for 2024 [1][2]. - Despite a decline in coal prices impacting performance, the company is characterized as a strong cash cow with high dividend potential, making it attractive for dividend investors [3]. Financial Performance Summary - **2024 Annual Report**: - Revenue reached 184.145 billion yuan, a year-on-year increase of 1.47% - Net profit attributable to shareholders was 22.36 billion yuan, a decrease of 3.21% - Non-recurring net profit was 21.162 billion yuan, down 14.25% [1][5]. - **Q1 2025 Report**: - Revenue was 40.162 billion yuan, a year-on-year decrease of 7.3% - Net profit attributable to shareholders was 4.805 billion yuan, a decrease of 1.23% - Non-recurring net profit was 4.552 billion yuan, down 14.98% [1][5]. - **Coal Production and Sales**: - In 2024, coal production was 170.4846 million tons, an increase of 4.13% - Coal sales reached 258.4308 million tons, up 9.13% - Average coal price was 561.30 yuan/ton, down 8.50% [2]. - **Electricity Generation**: - Total electricity generation was 37.615 billion kWh, an increase of 4.41% - Total electricity sales were 35.126 billion kWh, up 4.37% - Average electricity price was 399.23 yuan/MWh, down 4.84% [3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is as follows: - 2025: 18.112 billion yuan - 2026: 19.464 billion yuan - 2027: 23.317 billion yuan - Corresponding EPS for the same years is projected to be 1.87 yuan, 2.01 yuan, and 2.41 yuan respectively [3][5]. Valuation Metrics - The report indicates a PE ratio of 11 for 2025, decreasing to 8 by 2027, suggesting an attractive valuation for investors [3][5].

➢ 国际业务增速亮眼，云通信出海塑造全新增长极。2024 年，公司国际业务 增长迅速，实现营收 9.01 亿元，同比增长 48.74%。梦网国际通过与全球多家运 营商达成合作，成功构建了一个强大的国际通信能力网络，覆盖了全球 220 多个 国家和地区、1200 余家运营商的国际通道资源。公司构建了快速触达和连接海 外消费者的国际云通信平台，并向海外运营商输出全渠道服务的国际通信能力， 为客户出海在业务合规、降低成本、高效开展、双向赋能上提供全面优质的服务。 云通信平台为客户提供了通过不同的触达通道，例如国际云短信、RBM、 WhatsApp、viber、Voice 语音验证码等产品，实现了多渠道触达的能力，确保 客户信息的保底到达，以提高客户的运营效率和用户体验。2024 年 8 月，公司 获得中国香港通讯事务管理局办公室（OFCA）扩大服务范围，增加移动虚拟网 络运营商（MVNO）服务许可，国际通信的业务范围显著扩展。 ➢ 5G 富媒体消息规模化推进，与三大运营商深度合作。公司通过 5G 天慧平 台进行业务整合，实现了 5G 阅信基础能力全链路功能。5G 阅信围绕富媒体业 务提供了全方位的核心能力建设，为企 ...

光迅科技（002281.SZ）2024 年年报及 2025 年一季报点评 AI 需求驱动，数通业务实现高增长 2025 年 04 月 26 日 ➢ 事件：4 月 23 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年 实现营收 82.72 亿元，同比增长 36.5%，实现归母净利润 6.61 亿元，同比增长 6.8%，实现扣非归母净利润 6.30 亿元，同比增长 11.6%。2025 年一季度来看， 单季度实现营收 22.22 亿元，同比增长 72.1%，实现归母净利润 1.50 亿元，同 比增长 95.0%，实现扣非归母净利润 1.41 亿元，同比增长 93.8%。 ➢ AI 需求驱动，数通业务实现高增长：按应用领域拆分营收，1）传输：2024 年实现营收 31.02 亿元，同比下降 7.2%，营收占比为 37.5%，毛利率为 28.76%， 同比下降 0.77pct；2）数据与接入：2024 年实现营收 51.01 亿元，同比增长 91.5%，营收占比为 61.7%，较 2023 年时的 44.0%实现了大幅提升。毛利率为 18.83%，同比增长 4.83pct。数通领域营收高增主要 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's revenue for 2024 was 5.36 billion, a year-on-year decrease of 10.8%, with a net profit attributable to shareholders of 760 million, down 65.7% year-on-year [1] - The company is accelerating the development of its copper and gallium-indium projects, which are expected to contribute to profits starting in 2025 [4] - The lithium salt production and sales have significantly increased, with a production of 43,700 tons in 2024, up 137.8% year-on-year, and sales of 42,600 tons, up 145.0% year-on-year [2] - The cesium and rubidium business shows strong growth, with revenue of 1.4 billion in 2024, up 24.2% year-on-year, and a gross profit margin of 78.3%, up 13.9 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion, a year-on-year increase of 36.4%, but a net profit of 130 million, down 47.4% year-on-year [1] - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares for 2024, totaling 360 million, with a cash dividend rate of 47.7% [1] Lithium Business - The average price of domestic lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, with a Q1 2025 average price of 75,000 yuan [2] - The company is optimizing lithium salt costs through adjustments in raw material structure and energy cost reductions, with plans to complete 30,000 tons of lithium sulfate capacity in Africa by 2026 [2] Cesium and Rubidium Business - The cesium and rubidium fine chemical production in 2024 was 960 tons, a slight decrease of 0.2% year-on-year, while sales were 844 tons, down 15.5% year-on-year [3] - The gross profit for the cesium and rubidium business in Q1 2025 was 230 million, reflecting a year-on-year increase of 92% [3] Copper and Gallium-Indium Projects - The company completed the acquisition of a 65% stake in the Kitumba copper mine in Zambia in July 2024, with plans for 60,000 tons of copper capacity [4] - The company also acquired a 98% stake in the Tsume project in Namibia, with plans for significant gallium and indium production [4] Profit Forecast - The company forecasts net profits of 800 million, 1.79 billion, and 2.99 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26, 12, and 7 [5]

中国有色矿业（1258.HK）2024 年年报&2025 年一季报点评 历史最佳年度归母净利，期待自产铜持续增长 2025 年 04 月 26 日 [Table_Author] 分析师：邱祖学 分析师：张弋清 执业证号：S0100521120001 执业证号：S0100523100001 邮箱：qiuzuxue@mszq.com 邮箱：zhangyiqing@mszq.com ➢ 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 38.17 亿美元，同比增长 5.8%，实现归母净利润 3.99 亿美元， 同比增长 43.6%。单季度看，2024Q4 公司实现归母净利润 0.85 亿美元，同比 增长 273.9%，环比减少 11.1%；2025Q1 公司实现归母净利润 1.23 亿美元，同 比增长 46%，环比增长 46%。25Q1 业绩超市场预期。 ➢ 2024 年归母净利润创历史最佳，主要得益于铜价上涨。 ➢ 2025 年一季度公司归母净利润同环比均大幅提升，主要得益于铜价上涨以 及铜产量恢复正常。 ① 产量： 2025Q1 公 司 粗 铜 及 ...

石化周报 OPEC+产量政策和美国经济政策短期将持续影响油价 2025 年 04 月 26 日 ➢ OPEC+产量政策和美国经济政策短期将持续影响油价。尽管特朗普施压美 联储降息，但随着其表态无意解雇美联储主席鲍威尔后，市场对于美联储独立性 的担忧有所缓解，油市情绪也逐步回暖；然而，4 月 23 日，哈萨克斯坦新任能 源部长表示，将优先考虑国家利益，而不是欧佩克+集团的利益，且当晚几个 OPEC+成员国表态，希望在 5 月 5 日的会议上批准 6 月份再次加快石油增产， 这使得市场对于补偿减产的预期落空，同时加大了对后续供给持续放量的担忧， 导致油价日内大幅跳水。目前来看，原油当前供需状态下的表现符合我们前期预 判，即在 60 美元/桶以上震荡、底部价格较为明确，后续 OPEC+的产量政策和 特朗普的经济政策将成为影响油价变动的关键。 ➢ 美元指数上升；布油价格下跌；东北亚 LNG 到岸价格下跌。截至 4 月 25 日，美元指数收于 99.57，周环比+0.34 个百分点。1）原油：截至 4 月 25 日， 布伦特原油期货结算价为 66.87 美元/桶，周环比-1.60%；WTI 期货结算价为 63.02 美 ...

石化周报 OPEC+产量政策和美国经济政策短期将持续影响油价 2025 年 04 月 26 日 ➢ OPEC+产量政策和美国经济政策短期将持续影响油价。尽管特朗普施压美 联储降息，但随着其表态无意解雇美联储主席鲍威尔后，市场对于美联储独立性 的担忧有所缓解，油市情绪也逐步回暖；然而，4 月 23 日，哈萨克斯坦新任能 源部长表示，将优先考虑国家利益，而不是欧佩克+集团的利益，且当晚几个 OPEC+成员国表态，希望在 5 月 5 日的会议上批准 6 月份再次加快石油增产， 这使得市场对于补偿减产的预期落空，同时加大了对后续供给持续放量的担忧， 导致油价日内大幅跳水。目前来看，原油当前供需状态下的表现符合我们前期预 判，即在 60 美元/桶以上震荡、底部价格较为明确，后续 OPEC+的产量政策和 特朗普的经济政策将成为影响油价变动的关键。 ➢ 美元指数上升；布油价格下跌；东北亚 LNG 到岸价格下跌。截至 4 月 25 日，美元指数收于 99.57，周环比+0.34 个百分点。1）原油：截至 4 月 25 日， 布伦特原油期货结算价为 66.87 美元/桶，周环比-1.60%；WTI 期货结算价为 63.02 美 ...

煤炭周报 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变 2025 年 04 月 26 日 ➢ 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变。2025 年 4 月关税冲突 加码以来，受下游需求萎缩影响，沿海八省电厂日耗同比出现下降，3 月底周均 日耗 187.1 万吨，同比增加 3.5 万吨(+1.9%)，而截至 4 月 24 日当周，周均日 耗降至 176.0 万吨，同比减少 2.9 万吨(-1.6%)，在此影响下，煤价持续窄幅震 荡，本周环比延续小幅下滑。但同时，持续低煤价下新疆、内蒙古以露天矿为主 的边际产能产量或出现缩减，发运倒挂叠加大秦线检修，港口库存略有去化。展 望后市，非电需求仍维持缓慢提升，煤价向上动力不足，大秦线检修结束后铁路 发运提升，港口或有累库风险，边际产能成本、进口煤价倒挂以及长协基准价对 港口煤价有支撑，下行压力亦有限，预计短期现货价仍以窄幅震荡为主，长协价 仍表现出低波韧性。 ➢ 焦煤短期窄幅震荡为主，旺季或有阶段性反弹但空间有限。当前煤价下部分 配焦原煤转为动力煤销售更具性价比，焦煤价格已基本见底，叠加近期高炉持续 复产，铁水产量已提升至 2024 年以来最高水平 244.35 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.24 CNY [7]. Core Views - The company reported a revenue of 8.983 billion CNY in 2024, a year-on-year increase of 17.4%, but the net profit attributable to shareholders decreased by 47.9% to 160 million CNY [3][4]. - In Q4 2024, the company achieved a revenue of 2.636 billion CNY, a year-on-year growth of 26.2%, but the net profit dropped significantly by 94.1% year-on-year to 5.87 million CNY [3][4]. - For Q1 2025, the company reported a revenue of 2.033 billion CNY, a year-on-year increase of 9.1%, while the net profit decreased by 53.58% year-on-year to 28.18 million CNY [3][6]. Summary by Sections Financial Performance - The company's net profit in 2024 decreased by 147 million CNY, primarily due to increased expenses and taxes, which reduced profits by 156 million CNY [4]. - Despite a significant drop in magnesium prices, the company's gross profit increased by 22.39 million CNY, driven by growth in aluminum alloy deep processing products and other segments [4]. - In Q4 2024, the net profit decreased by 28.1 million CNY, while gross profit increased by 76.46 million CNY, indicating a mixed performance [5]. Price and Cost Analysis - Magnesium product prices fell both year-on-year and quarter-on-quarter, with Q4 2024 magnesium ingot and alloy prices at 16,900 CNY/ton and 18,700 CNY/ton, respectively [5][6]. - The cost of silicon iron and coal decreased in Q4 2024, contributing to a reduction in overall production costs [5]. Growth Potential - The company has significant growth potential with ongoing projects, including a 300,000-ton magnesium and alloy project in Qingyang and a 50,000-ton magnesium project in Chao Lake [6][9]. - The company plans to enhance its cost advantages with a new 300,000-ton silicon iron project, which will help reduce production costs further [6][9]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward due to declining magnesium prices, with expected net profits of 306 million CNY, 529 million CNY, and 692 million CNY for the respective years [9][10].