山煤国际（600546）：降本增效望见成效，股息率6.8%

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 29.56 billion yuan, down 20.9% year-on-year, and net profit at 2.27 billion yuan, down 46.75% [1][4] - The first quarter of 2025 also showed a decline in revenue and net profit, with revenue at 4.50 billion yuan, down 29.17% year-on-year, and net profit at 255 million yuan, down 56.29% [1] - The company aims to enhance efficiency and reduce costs, with a focus on improving coal production and optimizing washing processes to increase the added value of its coal business [3][4] - A cash dividend of 6.9 yuan per 10 shares is proposed for 2024, representing 60.3% of the net profit attributable to shareholders, resulting in a dividend yield of approximately 6.8% [3] - The company expects a significant increase in raw coal production in 2025, targeting no less than 35 million tons [3][4] Financial Summary - For 2024, the company achieved a revenue of 29.56 billion yuan, with a year-on-year decline of 20.9%, and a net profit of 2.27 billion yuan, down 46.7% [4] - The projected net profits for 2025-2027 are 1.24 billion yuan, 1.62 billion yuan, and 1.83 billion yuan, with corresponding P/E ratios of 16.1X, 12.3X, and 10.9X [3][4] - The company's coal production in 2024 was 32.98 million tons, a decrease of 15.4% year-on-year, with sales at 26.73 million tons, down 23.3% [8] - The average selling price of self-produced coal in 2024 was 646 yuan per ton, down 5.4% year-on-year, while the cost was 308 yuan per ton, up 9.7% [8]