物产环能（603071）：新能源转型初显成效，重视股东分红回报

Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Insights - The company's coal trading fundamentals remain stable, and initial results of the transition to renewable energy are evident. In 2024, the main revenue was CNY 44.709 billion, a year-on-year increase of 0.86%, with coal trading accounting for 92.79% of revenue [10]. - The company's revenue from the new energy business has decreased, but the gross margin has significantly improved to 31.13%, indicating successful positioning in the renewable sector [10]. - The company has consistently paid high dividends over the past three years, with a planned dividend of CNY 0.6 per share for 2024, resulting in a dividend yield of 4.98% based on the closing price on April 22, 2025 [10]. - The company forecasts a net profit of CNY 8.97 billion for 2025, with a minimum dividend payout ratio of 40% planned for 2024-2026, leading to an estimated dividend yield of 5.33% [10]. Financial Data and Profit Forecast - In Q1 2025, the company achieved revenue of CNY 9.949 billion, a year-on-year decrease of 4.91%, and a net profit of CNY 155 million, down 35.44% [7][9]. - The projected net profits for 2025, 2026, and 2027 are CNY 8.97 billion, CNY 9.33 billion, and CNY 10.26 billion, respectively, with a price-to-earnings ratio of 7 for each year [10][11].