SHCI(601225) 国盛证券·2025-04-27 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is steadily advancing its coal-electricity integration strategy, with a dividend yield of 6.7% [9] - The coal business has shown growth in production and sales, with significant cost control measures in place [2] - The acquisition of thermal power assets from Shaanxi Coal Power Group has enhanced performance, supporting the coal-electricity integrated development [3] - The company possesses significant resource reserves, with a total coal reserve of 1.7931 billion tons and a recoverable reserve of 1.0246 billion tons, ensuring over 70 years of mining life [9] Financial Performance - 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 revenue of 40.162 billion yuan, a year-on-year decline of 7.30%, and a net profit of 4.805 billion yuan, a slight increase of 1.23% [1] - The company’s coal production in 2024 reached 170.48 million tons, up 4.13% year-on-year, with coal sales increasing by 9.13% to 258.43 million tons [9] - The average selling price of coal in 2024 was 561 yuan/ton, down 8.50% year-on-year [9] Cost Management - The cost of self-produced coal in 2024 was 260 yuan/ton, a decrease of 1.2% year-on-year, while the comprehensive cost per ton of coal was 414 yuan, an increase of 2.8% [9] - The company has effectively reduced costs in various areas, including a decrease in material costs and related taxes [9] Future Outlook - The company expects net profits attributable to shareholders for 2025 to be 18.717 billion yuan, with projected P/E ratios of 10.4X, 9.8X, and 9.3X for 2025, 2026, and 2027 respectively [9] - The company plans to accelerate resource acquisition and development, particularly in high-quality coal resources [9]