中煤能源（601898）：自产煤成本管控效果凸显，关注高分红潜力和成长性

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The report highlights the effectiveness of cost control in coal production, emphasizing the potential for high dividends and growth [4][5] - The company reported a revenue of 189.4 billion yuan in 2024, a decrease of 1.9% year-on-year, and a net profit of 19.3 billion yuan, down 1.1% year-on-year [4][5] - The report anticipates a decline in net profit for 2025 to 17.0 billion yuan, a decrease of 11.8% year-on-year, followed by a recovery in 2026 and 2027 [4][8] Financial Performance Summary - In 2024, the company achieved a total coal production and sales volume of 138 million tons and 285 million tons respectively, with a slight increase in production but a minor decrease in sales [5][6] - The average selling price of coal in 2024 was 564.2 yuan per ton, down 1.2% year-on-year, while the cost per ton was 425.1 yuan, a decrease of 0.8% year-on-year [5][6] - The company plans to increase its coal and coal chemical production capacity, with ongoing projects expected to contribute to future growth [6] Dividend Potential - The total cash dividend for 2024 is projected at 6.35 billion yuan, with a dividend payout ratio of 32.87%, indicating a slight decline from the previous year [6] - The current dividend yield stands at 4.7%, reflecting the company's commitment to shareholder returns amidst stable operational performance [6]