DTCIC(601001) 中泰证券·2025-04-27 12:42Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][10]. Core Views - The company experienced a decline in both coal production and sales, leading to a significant drop in revenue and profit margins. The average selling price of coal decreased by 1.03% year-on-year, while the average sales cost increased by 1.03% [6]. - The company announced a cash dividend of 0.755 CNY per share, resulting in a cash dividend payout ratio of 45%, which translates to a dividend yield of 6.58% based on the closing price of 11.47 CNY on April 25, 2025 [6]. - The report adjusts the revenue and profit forecasts for 2025-2027 due to downward pressure on coal prices, projecting revenues of 135.95 billion CNY, 138.04 billion CNY, and 141.52 billion CNY for 2025, 2026, and 2027 respectively [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 150.33 billion CNY, a decrease of 2.01% year-on-year, and a net profit of 28.08 billion CNY, down 14.93% year-on-year. The operating cash flow decreased by 51.46% [6]. - For Q1 2025, the company reported a revenue of 24.24 billion CNY, a decrease of 33.73% year-on-year, and a net profit of 5.12 billion CNY, down 34.35% year-on-year [6]. Production and Sales - In 2024, the company produced 34.67 million tons of raw coal, a slight decrease of 0.06% year-on-year, and sold 29.97 million tons of coal, down 0.43% year-on-year. The average selling price was 490.56 CNY per ton [6]. - In Q1 2025, raw coal production was 7.86 million tons, down 6.94% year-on-year, and coal sales were 5.26 million tons, down 24.33% year-on-year [6]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.18 CNY, 1.29 CNY, and 1.50 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 9.7X, 8.9X, and 7.6X [6].