lu'an EED(601699) 开源证券·2025-04-29 13:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was under pressure due to a decline in both volume and price, with a focus on growth potential and the elasticity of blowing coal [3][4] - The company reported a revenue of 35.85 billion yuan in 2024, a year-on-year decrease of 16.9%, and a net profit attributable to shareholders of 2.45 billion yuan, down 69.1% year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 2.96 billion, 3.27 billion, and 3.67 billion yuan respectively, with year-on-year growth rates of 20.9%, 10.3%, and 12.3% [3][4] Financial Performance Summary - In 2024, the company's coal production was 51.85 million tons, a decrease of 6.2% year-on-year, while sales volume was 52.25 million tons, down 5% year-on-year [4] - The average selling price of coal in 2024 was 645.6 yuan per ton, a decrease of 11.3% year-on-year, while the cost per ton increased by 12.4% to 390.8 yuan [4] - The gross profit margin for 2024 was 36.9%, down from 47.7% in 2023 [6] Capacity and Growth Potential - The company has ongoing projects that are expected to contribute to capacity growth, including four under-construction mines with a total capacity of 3 million tons per year [5] - The company successfully acquired coal exploration rights in Shanxi province, which is expected to add significant resources in the future [5] Dividend Policy - The company maintains a high dividend payout ratio, with a projected dividend ratio of 50.07% for 2025, corresponding to a dividend yield of 3.7% based on the closing price on April 28, 2025 [5]