YANKUANG ENERGY(600188) 信达证券·2025-03-30 02:23Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [4] Core Views - The company's coal business is expanding steadily, with a focus on cost reduction and efficiency improvement. In 2024, coal production reached 142 million tons, a year-on-year increase of 7.86%, while coal sales were 136 million tons, up 7.31% [4] - The company is diversifying into high-end chemical materials, with a chemical product output of 8.7 million tons in 2024, reflecting a 1.3% year-on-year increase [4] - The company is committed to enhancing shareholder returns, with a total dividend of 0.77 CNY per share for 2024, representing 53.59% of net profit under Chinese accounting standards [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 139.12 billion CNY, a decrease of 7.27% year-on-year, and a net profit attributable to shareholders of 14.43 billion CNY, down 28.37% [1][2] - The operating cash flow was 22.34 billion CNY, an increase of 38% year-on-year, with basic earnings per share at 1.46 CNY, a decline of 46.85% [1] Production and Sales - The company achieved a coal production target of 155-160 million tons for 2025, aiming for an increase of over 13 million tons year-on-year [4] - The average selling price of coal in 2024 was 672 CNY per ton, down 16.3% year-on-year [4] Chemical Business - The chemical segment generated revenue of 25.2 billion CNY in 2024, a decrease of 4.5% year-on-year, with various chemical products showing mixed performance in terms of production and pricing [4] Future Outlook - The company is expected to benefit from stable coal prices and is focusing on expanding production capacity and enhancing operational efficiency [5] - The forecasted net profits for 2025-2027 are 14.5 billion CNY, 15.1 billion CNY, and 16.5 billion CNY, respectively, with corresponding EPS of 1.44 CNY, 1.51 CNY, and 1.65 CNY [6]