GUANGHUI ENERGY(600256) 民生证券·2025-04-25 06:21Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 36.44 billion yuan, down 40.72% year-on-year, and net profit at 2.96 billion yuan, down 42.60% year-on-year [1]. - Despite the decline, the company reported a high dividend payout ratio exceeding 100%, with a proposed cash dividend of 0.622 yuan per share, resulting in a dividend yield of 11.13% [5][6]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.05 billion yuan, with a year-on-year decline of 15.59% but a quarter-on-quarter increase of 9.93%. The net profit for the same period was 0.96 billion yuan, showing a year-on-year increase of 211.54% and a quarter-on-quarter increase of 75.05% [2]. - The coal production in Q4 2024 reached 19.21 million tons, a year-on-year increase of 176.57%, while sales were 18.63 million tons, up 129.84% year-on-year [3]. Coal and Natural Gas Business - The company’s coal production for 2024 was 43.25 million tons, up 64.02% year-on-year, while coal sales were 47.23 million tons, up 52.39% year-on-year. The average coal price decreased by 22.55% to 367.94 yuan per ton [3]. - The natural gas segment faced challenges, with sales dropping to 4.09 billion cubic meters, down 52.95% year-on-year, and a gross profit of 1.88 billion yuan, down 39.68% year-on-year [4]. Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 3.02 billion yuan in 2025, 3.38 billion yuan in 2026, and 3.84 billion yuan in 2027, corresponding to EPS of 0.46, 0.51, and 0.58 yuan per share respectively [6][7]. - The company plans to invest 16.48 billion yuan in a new coal utilization project, which is expected to generate an average annual after-tax profit of 1.64 billion yuan once operational [5].