华阳股份：产量有望稳步增长，煤炭主业成长空间广阔-20250427

Investment Rating - The investment rating for Huayang Co., Ltd. is "Buy" [1] Core Views - The report indicates that the coal production of Huayang Co., Ltd. is expected to grow steadily, with significant growth potential in its coal business [1][4] - The company has successfully acquired coal exploration rights, increasing its coal resource reserves by 630 million tons [4] - The report emphasizes the company's commitment to shareholder returns, with a proposed cash dividend of 0.309 yuan per share, resulting in a cash dividend ratio of 50.01% [4] - The valuation remains attractive, with a projected A-share price-to-earnings ratio of 10.67 times for 2025, indicating a low valuation level [4][5] Financial Performance Summary - In 2024, the company reported total revenue of 25.06 billion yuan, a decrease of 12.13% year-on-year, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1][2] - For Q1 2025, the company achieved revenue of 5.817 billion yuan, a decline of 5.53% year-on-year, with a net profit of 597 million yuan, down 31.18% year-on-year [2] - The company's coal production in 2024 was 38.37 million tons, a decrease of 16.41% year-on-year, while in Q1 2025, production increased by 16.9% year-on-year to 9.936 million tons [4] - The average selling price of coal in 2024 was 567.04 yuan per ton, down 6.40% year-on-year, while in Q1 2025, it decreased to 511.54 yuan per ton, down 13.1% year-on-year [4] Earnings Forecast - The report forecasts net profits for Huayang Co., Ltd. to be 2.221 billion yuan in 2025, 2.479 billion yuan in 2026, and 2.717 billion yuan in 2027, with corresponding earnings per share of 0.62, 0.69, and 0.75 yuan [5][6]