SHCI(601225) 国海证券·2025-04-28 08:05Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company achieved a year-on-year increase in coal production and sales in 2024 and Q1 2025, indicating resilience in performance despite market challenges [6][8] - The company's revenue for 2024 was CNY 184.145 billion, a year-on-year increase of 1.47%, while net profit attributable to shareholders was CNY 22.36 billion, a decrease of 3.21% [5][6] - The report highlights a high dividend policy and anticipates stable business growth, with a projected EPS of CNY 1.91 for 2025 [8][9] Summary by Sections Financial Performance - In 2024, the company reported a coal production of 170.4846 million tons, up 4.13% year-on-year, and coal sales of 258.4308 million tons, up 9.13% year-on-year [6] - For Q1 2025, coal production was 43.9377 million tons, a 6.00% increase year-on-year, with self-produced coal sales at 39.5467 million tons, up 5.81% [6] Pricing and Costs - The average selling price of self-produced coal in 2024 was CNY 532 per ton, down CNY 59.05 per ton (-10.0%) year-on-year, while the unit cost was CNY 260.2 per ton, a decrease of 1.6% [6] - The overall gross margin for the coal business decreased due to falling prices [6] Power Generation - The total power generation in 2024 was 37.615 billion kWh, an increase of 4.41% year-on-year, while the total sales volume was 35.126 billion kWh, also up 4.37% [6] - The average selling price for electricity was CNY 399.23 per MWh, down 4.8% year-on-year, leading to a gross profit of CNY 2.29 billion, a decrease of 21.78% [6] Future Projections - Revenue projections for 2024-2026 are CNY 163.777 billion, CNY 172.651 billion, and CNY 182.248 billion respectively, with net profits expected to be CNY 18.535 billion, CNY 19.425 billion, and CNY 20.711 billion [8][9] - The report anticipates a stable business environment with a high dividend yield, maintaining a "Buy" rating [8][9]