旺季需求临近，煤价涨势未休 [Table_ReportTime] 2025 年 11 月 9 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 旺季需求临近，煤价涨势未休 [Table_ReportDate] 2025 年 11 月 9 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http ...

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company's performance is under short-term pressure due to the coal and equipment manufacturing sectors, with a 39.51% year-on-year decline in non-recurring net profit to 1.264 billion yuan in the first three quarters of 2025. However, the net profit attributable to shareholders increased by 7.55% year-on-year, primarily due to investment income from the transfer of 51% equity in Qin Nan Energy [4]. - The company is expected to achieve stable growth as coal prices stabilize and the decline in contract liabilities narrows. The average price of 5500 kcal thermal coal in Qinhuangdao showed a "V" shape trend throughout the year, with prices of 723, 633, 669, and 740 yuan per ton in Q1, Q2, Q3, and Q4 respectively [4]. - The company has a high net cash position of approximately 17.6 billion yuan, which provides a solid foundation for withstanding industry cycles and returning value to shareholders. The dividend rate is expected to increase, with a projected dividend yield of 5.5% based on a 50% payout ratio [4]. - The company is positioned as a leader in the coal mining design and full industry chain, with expected net profits of 2.837 billion, 3.043 billion, and 3.276 billion yuan for 2025-2027, respectively [4]. Financial Summary - For 2025, the company is projected to have total revenue of 29.238 billion yuan, a decrease of 4.2% year-on-year, with net profit attributable to shareholders expected to be 2.837 billion yuan, an increase of 8.2% year-on-year [6]. - The gross profit margin is expected to be 25.6% in 2025, with a return on equity (ROE) of 10.7% [6]. - The earnings per share (EPS) is projected to be 0.69 yuan in 2025, with a price-to-earnings (P/E) ratio of 8.64 and a price-to-book (P/B) ratio of 0.93 [6].

Core Insights - The company's total operating revenue is 20.471 billion yuan, ranking second among disclosed peers [1] - The net profit attributable to shareholders is 2.340 billion yuan, also ranking second among disclosed peers, with a year-on-year increase of 164 million yuan, marking a 7.55% rise compared to the same period last year [1] - The net cash flow from operating activities is -3.636 billion yuan [1] Financial Ratios - The latest debt-to-asset ratio is 45.22% [3] - The latest gross profit margin is 27.17% [3] - The latest return on equity (ROE) is 9.17%, ranking 23rd among disclosed peers, with a year-on-year increase of 0.11 percentage points [3] - The diluted earnings per share (EPS) is 0.57 yuan, ranking 35th among disclosed peers, with a year-on-year increase of 0.04 yuan, reflecting a 7.41% rise compared to the same period last year [3] - The latest total asset turnover ratio is 0.35 times, ranking 56th among disclosed peers [3] - The latest inventory turnover ratio is 2.40 times, ranking 37th among disclosed peers [3] Shareholder Structure - The number of shareholders is 70,800, with the top ten shareholders holding 2.670 billion shares, accounting for 64.51% of the total share capital [3] - The largest shareholder is China Coal Technology & Engineering Group Co., Ltd., holding 55.54% [3] - Other notable shareholders include Beijing Chengtong Jinkong Investment Co., Ltd. (5.00%) and Hong Kong Central Clearing Limited (1.29%) [3]

Core Viewpoint - The company, Tiandi Technology Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3]. - Non-recurring gains and losses are applicable, but the report does not specify the amounts or details [3]. Shareholder Information - There is no change in the number of shareholders or significant changes in the top ten shareholders' holdings compared to the previous period [4]. Other Important Information - There are no additional reminders or important information regarding the company's operational situation during the reporting period [5]. Financial Statements - The consolidated balance sheet, profit and loss statement, and cash flow statement for the period ending September 30, 2025, have been prepared but are unaudited [5]. - The report indicates that there were no profits from merged entities in the current or previous periods [5]. Company Governance - The board of directors and senior management have guaranteed the authenticity and completeness of the quarterly report, taking legal responsibility for its content [2][3].

Core Insights - TianDi Technology (600582) reported a total profit of 4.28 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34% [1] - The net profit attributable to shareholders reached 2.34 billion yuan, up 7.6% year-on-year [1] - The company emphasizes "innovation-driven, strengthening core business" strategy to enhance value creation, brand influence, and core competitiveness amid coal market fluctuations [1] R&D Investment - R&D expenses for the first three quarters amounted to 1.48 billion yuan, a 7.6% increase compared to the same period last year [1] - The focus of R&D investment includes key technology breakthroughs, forward-looking technology reserves, and the construction of R&D platform capabilities [2] Technological Advancements - The company established the world's first ultra-high mining face for thick coal seams with a height of 10 meters, included in the fifth batch of major technological equipment in the energy sector [2] - Developed the MG900/2360-WD high-efficiency intelligent coal mining machine with a total installed power of 2360 kW, which has broad market prospects [2] - Successfully launched the "thousand-ton level underground horizontal intelligent storage and transportation complete equipment," enhancing coal quality and mining efficiency [2] - Introduced the world's first 130-ton ultra-heavy complete mining equipment, achieving low carbon emissions in underground operations [2]

Core Viewpoint - TianDi Technology (600582) reported a decline in revenue and net profit for Q3 2025, while showing an increase in net profit for the first three quarters due to investment gains from the transfer of equity in QinNan Energy [1] Financial Performance - Q3 2025 revenue was 6.352 billion yuan, a year-on-year decrease of 10.51% [1] - Q3 2025 net profit was 260 million yuan, a year-on-year decrease of 59.57% [1] - Revenue for the first three quarters of 2025 was 20.471 billion yuan, a year-on-year decrease of 6.9% [1] - Net profit for the first three quarters of 2025 was 2.34 billion yuan, a year-on-year increase of 7.55% [1] - The increase in total profit for the first three quarters was primarily due to increased investment income from the transfer of equity in QinNan Energy [1]

格隆汇10月29日丨天地科技(600582.SH)公布三季度报告，前三季营业收入204.7亿元，同比下降 6.90%，归属于上市公司股东的净利润23.4亿元，同比增长7.55%，归属于上市公司股东的扣除非经常性 损益的净利润12.64亿元，同比下降39.51%。 ...

Financial Performance - The company's operating revenue for Q3 2025 was approximately ¥6.35 billion, a decrease of 10.51% compared to the same period last year[4] - Total profit for the quarter was approximately ¥470.72 million, down 47.63% year-over-year[4] - Net profit attributable to shareholders was approximately ¥260.06 million, reflecting a decline of 59.57% compared to the previous year[4] - The basic earnings per share for the quarter was ¥0.062, a decrease of 60.26% year-over-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 20.47 billion, a decrease of 6.9% compared to CNY 21.99 billion in the same period of 2024[19] - Total operating costs increased to CNY 19.11 billion, up 0.9% from CNY 18.94 billion year-over-year[19] - Net profit for the first three quarters of 2025 reached CNY 3.53 billion, representing a 25% increase from CNY 2.82 billion in the previous year[20] - Operating profit improved to CNY 4.28 billion, compared to CNY 3.17 billion in the same period last year, marking a 35% increase[20] - Earnings per share (EPS) for the period was CNY 0.565, up from CNY 0.526 in the previous year[21] Assets and Liabilities - Total assets at the end of the quarter were approximately ¥58.44 billion, an increase of 2.05% from the end of the previous year[5] - Total assets amounted to CNY 58.44 billion, slightly up from CNY 57.26 billion year-over-year[17] - Total liabilities decreased to CNY 26.42 billion from CNY 26.48 billion in the previous year[17] - Shareholder equity increased to CNY 32.01 billion, compared to CNY 30.79 billion in the same period last year[17] Cash Flow - The company reported a significant decrease in cash flow from operating activities, with a total of approximately -¥3.64 billion year-to-date[4] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 13,536,075,257.76, a decrease of 6.73% compared to CNY 14,513,668,933.99 in the same period of 2024[22] - The cash outflow from operating activities totaled CNY 17,172,266,590.30, an increase of 6.43% from CNY 16,137,526,811.41 in the previous year[23] - The net cash flow from operating activities was -CNY 3,636,191,332.54, worsening from -CNY 1,623,857,877.42 in the first three quarters of 2024[23] - The total cash and cash equivalents at the end of the period were CNY 5,427,495,280.50, down from CNY 10,807,679,180.79 at the end of the previous year[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 70,840[11] - The largest shareholder, China Coal Technology & Engineering Group, holds 2,298,757,109 shares, representing 55.54% of total shares[11] Investment and Development - Investment income for the year-to-date period increased by 1,598.97%, primarily due to the transfer of equity in Qin Nan Energy[9] - The company experienced a 39.51% decline in net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date period[9] - The company plans to focus on market expansion and new product development to improve future performance[9] - Research and development expenses rose to CNY 1.48 billion, an increase of 7.6% from CNY 1.37 billion in the previous year[20] Inventory and Receivables - Accounts receivable increased to ¥15,055,800,478.85 from ¥10,288,147,233.62, indicating a growth of approximately 46.7%[15] - Total current assets decreased to ¥34,433,913,357.87 from ¥37,795,526,472.23, a decline of about 9.4%[15] - The company reported a significant increase in inventory, rising to ¥6,768,623,848.70 from ¥5,642,298,223.04, which is an increase of about 20%[15] Cash Flow from Activities - Cash inflow from investment activities was CNY 6,022,544,984.28, significantly higher than CNY 1,028,836,214.13 in the same period last year[23] - The net cash flow from investment activities was -CNY 1,102,592,979.36, an improvement from -CNY 2,260,716,990.48 in 2024[23] - Cash inflow from financing activities was CNY 163,317,681.64, compared to CNY 28,000,000.00 in the previous year[24] - The net cash flow from financing activities was -CNY 2,395,452,058.51, worsening from -CNY 1,986,892,076.43 in the same period of 2024[24] Additional Information - The company has no significant changes in the top 10 shareholders participating in margin trading or securities lending[12] - The company has not disclosed any new strategies or future outlook in the current report[13] - There are no significant reminders or additional important information regarding the company's operational performance during the reporting period[13]

Core Viewpoint - The company reported a decline in operating revenue for the first three quarters of 2025, while net profit showed an increase year-on-year, indicating mixed financial performance [1] Financial Performance - The company achieved operating revenue of 20.471 billion yuan, a year-on-year decrease of 6.90% [1] - Net profit attributable to shareholders of the listed company was 2.34 billion yuan, reflecting a year-on-year increase of 7.55% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.264 billion yuan, which represents a year-on-year decrease of 39.51% [1]

天地科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性、完整性承担个别及连带责任。 重要内容提示： 会 议 召 开 时 间 ： 2025 年 10 月 30 日 （ 星 期 四 ） 下 午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 23 日（星期四）至 10 月 29 日（星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 tzz@tdtec.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 证券代码：600582 证券简称：天地科技 公告编号：临 2025—028 号 三、参加人员 天地科技股份有限公司（以下简称"公司"）将于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务 ...