YANKUANG ENERGY(600188) 新浪财经·2025-03-29 12:22Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating challenges in its core operations and profitability [1][2]. Financial Performance - The company's main revenue for 2024 was 139.12 billion yuan, a year-on-year decrease of 7.29% [1]. - The net profit attributable to shareholders was 14.43 billion yuan, down 28.39% year-on-year [1]. - The non-recurring net profit was 13.89 billion yuan, reflecting a 25.28% decline compared to the previous year [1]. - In Q4 2024, the net profit attributable to shareholders was 3.02 billion yuan, a significant drop of 34.55% year-on-year [2]. Dividend Distribution - The company declared a total cash dividend of 7.73 billion yuan for 2024, with a dividend yield of 5.66% [2]. - The proposed final cash dividend is 0.54 yuan per share, amounting to 5.42 billion yuan [2]. - The cash dividend distribution represents 53.59% of the net profit according to Chinese accounting standards and 60.03% based on international financial reporting standards [2]. Production and Sales - In 2024, the company achieved coal production of 142.49 million tons, an increase of 7.86% year-on-year [3]. - Coal sales reached 136.31 million tons, up 7.31% year-on-year, with self-produced coal sales at 129.76 million tons, a 7.27% increase [3]. - The average selling price of coal was 672.18 yuan per ton, down 16.31% year-on-year [3]. - The comprehensive cost of coal was 365.3 yuan per ton, a decrease of 5.88% year-on-year [3]. Non-Coal Business Performance - The chemical business produced 8.70 million tons of products, a 1.34% increase, while sales decreased by 0.78% to 7.80 million tons [4]. - The unit sales revenue for chemicals was 3,222.3 yuan, down 3.70%, and the unit cost was 2,535.1 yuan, down 5.68% [4]. - The power generation segment produced 81.20 billion kWh, a decline of 3.37%, with sales of 67.98 billion kWh, down 4.34% [4]. - The non-coal business achieved a gross profit of 5.78 billion yuan, reflecting a year-on-year increase of 4.69% [4]. Future Outlook - The company plans to produce 155-160 million tons of commercial coal in 2025, aiming to reduce sales costs by 3% year-on-year [3]. - Projected net profits for 2025-2027 are estimated at 8.72 billion, 11.52 billion, and 11.99 billion yuan, respectively, with corresponding EPS of 0.87, 1.15, and 1.19 yuan [4].