SHCI(601225) 光大证券·2025-04-27 10:45Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated resilience in profitability despite a decline in coal prices, with a focus on increasing production to offset price drops [1][2] - The acquisition of Shaanxi Coal Power is expected to enhance the stability of the company's earnings [2] - The company has a high dividend yield of 6.7%, reflecting strong shareholder returns [3] Summary by Sections Financial Performance - In 2024, the company reported revenue of CNY 184.15 billion, a year-on-year increase of 1.5%, and a net profit of CNY 22.36 billion, a decrease of 3.2% [1] - For Q1 2025, revenue was CNY 40.16 billion, down 7.3% year-on-year, while net profit was CNY 4.81 billion, down 1.2% year-on-year [1] - The average price of coal at Qinhuangdao Port was CNY 721 per ton in Q1 2025, reflecting a 20% decrease year-on-year [1] Business Expansion - The company acquired 88.6525% of Shaanxi Coal Power for CNY 15.695 billion, which is expected to stabilize earnings [2] - The production capacity of the Yuan Datang coal mine has been increased from 8 million tons to 10 million tons per year [2] - The company is working on increasing the capacity of the Ningtiaota mine to 20 million tons per year [2] Dividend Policy - The company plans to distribute a total dividend of CNY 1.348 per share for 2024, with a payout ratio of 58.45% [3] - The total cash dividend amounts to 65% of the distributable profits, indicating strong cash flow management [3] Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted downwards by 3.7% to CNY 20.21 billion, with an EPS of CNY 2.08 [3] - The company is expected to maintain a robust resource endowment and stable operations, justifying the "Buy" rating [3]