GUANGHUI ENERGY(600256) 民生证券·2025-04-25 08:05Investment 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 CNY 36.44 billion, down 40.72% year-on-year, and net profit at CNY 2.96 billion, down 42.60% year-on-year [1]. - Despite the decline in overall financial performance, the company reported a substantial increase in coal production, with a 64.02% year-on-year increase in coal output for 2024 [3]. - The company plans to invest CNY 16.48 billion in a new coal utilization project, which is expected to generate an average annual after-tax profit of CNY 1.64 billion once operational [5]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of CNY 10.05 billion, with a year-on-year decrease of 15.59% but a quarter-on-quarter increase of 9.93% [2]. - The gross profit margin for Q4 2024 was reported at 27.83%, reflecting a year-on-year increase of 13.60 percentage points [2]. - The coal production for Q4 2024 reached 19.21 million tons, marking a year-on-year increase of 176.57% [3]. - The company’s natural gas sales dropped significantly by 52.95% in 2024, leading to a gross profit of CNY 1.88 billion, down 39.68% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are CNY 3.02 billion, CNY 3.38 billion, and CNY 3.84 billion respectively, with corresponding EPS of CNY 0.46, CNY 0.51, and CNY 0.58 [6][7].