物产环能（603071）：煤价下行业绩承压，分红承诺下关注配置价值

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance is under pressure due to declining coal prices, but the commitment to dividends highlights its value for allocation [5] - The company reported a revenue of 44.709 billion yuan in 2024, a slight increase of 0.86% year-on-year, while the net profit attributable to shareholders decreased by 30.25% to 739 million yuan [7] - The company plans to distribute a cash dividend of 0.6 yuan per share for 2024, with a cash dividend ratio of 45.32% [7] - The first quarter of 2025 saw a revenue of 9.949 billion yuan, down 4.91% year-on-year, and a net profit of 155 million yuan, down 35.44% year-on-year [7] - The coal trading segment's net profit for 2024 was 438 million yuan, while the thermal power generation segment achieved a net profit of 447 million yuan [7] - The company expects a stabilization in coal prices, which have negatively impacted its coal trading performance [7] Financial Summary - Revenue projections for the company are as follows: 44.327 billion yuan in 2023, 44.709 billion yuan in 2024, 41.574 billion yuan in 2025E, 43.145 billion yuan in 2026E, and 44.006 billion yuan in 2027E [6] - The net profit attributable to shareholders is projected to be 1.059 billion yuan in 2023, 739 million yuan in 2024, 709 million yuan in 2025E, 785 million yuan in 2026E, and 830 million yuan in 2027E [6] - The earnings per share (EPS) are expected to be 1.90 yuan in 2023, 1.32 yuan in 2024, 1.27 yuan in 2025E, 1.41 yuan in 2026E, and 1.49 yuan in 2027E [6] - The company's return on equity (ROE) is projected to decline from 20.52% in 2023 to 12.01% in 2025E, before slightly recovering [6]