SHCI(601225) 信达证券·2025-04-27 00:23Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy" [1] Core Views - The company's coal and electricity integration strategy is driving stable performance and expanding growth opportunities [1][3] - The coal production volume is steadily increasing, and cost reductions are enhancing profitability [3] - The company is making progress in capacity expansion, with significant projects underway that will release high-quality production capacity [3][4] - The integration of coal and electricity operations is expected to enhance earnings and mitigate risks associated with coal price fluctuations [3][4][7] Financial Performance Summary - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported operating revenue of 40.162 billion yuan, a year-on-year decline of 7.3%, and a net profit of 4.805 billion yuan, a decrease of 1.23% [2] - The coal production volume for 2024 was 170.48 million tons, an increase of 4.13%, while coal sales volume reached 258.43 million tons, up 9.13% [3] - The average coal selling price in 2024 was 561 yuan/ton, down 8.5% year-on-year [3] - The company plans to distribute a total cash dividend of 13.07 billion yuan for 2024, representing 65% of the distributable profit, with a dividend yield of 6.74% based on the closing price on April 25, 2025 [7] Future Earnings Forecast - The company is expected to achieve net profits of 20.6 billion yuan, 21.9 billion yuan, and 22.2 billion yuan for 2025, 2026, and 2027 respectively, with EPS projected at 2.12 yuan, 2.26 yuan, and 2.29 yuan [5][7]