Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Core Viewpoint - In Q1 2025, the company reported a significant decline in revenue and net profit, indicating challenges in the coal market and the need for strategic adjustments to improve performance [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 5.4 billion yuan, a year-on-year decrease of 35% [1]. - The net profit attributable to shareholders was 150 million yuan, down 80% year-on-year [1]. - The weighted average return on equity was 0.58%, a decrease of 2.16 percentage points year-on-year [1]. Group 2: Coal Business Analysis - The decline in coal prices negatively impacted the gross profit per ton of coal, but cost optimization efforts were a positive highlight [2]. - In Q1 2025, the company produced 7.5 million tons of raw coal, an increase of 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, a decrease of 9% year-on-year [2]. - The unit selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year [2]. - The cost per ton of coal was 616 yuan, a decrease of 26% year-on-year, resulting in a gross profit of 147 yuan per ton, down 54% year-on-year [2]. Group 3: Strategic Initiatives - The company is implementing a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan, which has an approved production capacity of 1.2 million tons per year [2]. - In October 2024, the company successfully acquired exploration rights for the Tarcheng Baiyanghe Mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [2]. - These strategic acquisitions are expected to enhance the company's resource continuity and positively impact future performance as new production capacity is gradually released [2]. Group 4: Profit Forecast and Investment Rating - The company forecasts revenues of 25.1 billion yuan, 26.4 billion yuan, and 27.8 billion yuan for 2025-2027, with year-on-year changes of -17%, +5%, and +5% respectively [3]. - The net profit attributable to shareholders is projected to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan for the same period, with year-on-year changes of -72%, +100%, and +47% respectively [3]. - The earnings per share (EPS) are expected to be 0.27 yuan, 0.54 yuan, and 0.79 yuan, corresponding to price-to-earnings (PE) ratios of 31, 15, and 10 times [3].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][12]. Core Views - The report highlights that both volume and cost have room for improvement, with a long-term resource advantage through strategic acquisitions [3][8]. - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 35% year-on-year, and net profit at 150 million yuan, down 80% year-on-year [4][8]. - The report anticipates a gradual recovery in revenue and profit over the next few years, with projected revenues of 25.1 billion yuan in 2025, 26.4 billion yuan in 2026, and 27.8 billion yuan in 2027, reflecting a year-on-year change of -17%, +5%, and +5% respectively [8][12]. Summary by Sections Recent Performance - In Q1 2025, the company achieved a coal production of 7.5 million tons, up 13% year-on-year, while the sales volume of commercial coal was 6.32 million tons, down 9% year-on-year [8]. - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34% year-on-year, while the cost per ton was 616 yuan, down 26% year-on-year [8]. Strategic Initiatives - The company has implemented a strategy to acquire quality coal resources, including a 60% stake in Xinjiang Wusu Sike Tree Coal Co. for 660 million yuan and the successful acquisition of exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [8]. Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 660 million yuan, 1.33 billion yuan, and 1.96 billion yuan respectively, with corresponding earnings per share (EPS) of 0.27 yuan, 0.54 yuan, and 0.79 yuan [8][12]. - The price-to-earnings (P/E) ratio is expected to be 31, 15, and 10 times for the years 2025, 2026, and 2027 respectively [8][12].

编号：信评委函字[2025]跟踪 0166 号 平顶山天安煤业股份有限公司 2025 年度跟踪评级报告 声 明 平顶山天安煤业股份有限公司 2025 年度跟踪评级报告 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 中诚信国际信用评级有限责任公司 2025 年 4 月 29 日 2 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相 关性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、 准确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委 托方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议 任何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 9.84 [7]. Core Views - The company's Q1 2025 performance showed a significant decline in revenue and net profit due to a drop in coking coal prices, with revenue at RMB 5.4 billion, down 34.69% year-on-year, and net profit at RMB 152 million, down 79.50% year-on-year [1]. - The report anticipates a potential recovery in coking coal prices as demand improves, despite the current oversupply situation [2][3]. - The company maintains a high dividend payout ratio, averaging over 60% from 2019 to 2024, which supports its growth outlook [1]. Summary by Sections Financial Performance - In Q1 2025, the company produced 7.495 million tons of raw coal, a decrease of 13.1% year-on-year, and sold 6.317 million tons of commercial coal, down 8.6% year-on-year [3]. - The average selling price of commercial coal fell by 26.1% year-on-year to RMB 763.4 per ton, leading to a gross margin decline of 8.6 percentage points to 19.3% [3]. Price and Demand Dynamics - The coking coal market is currently characterized by strong supply and weak demand, but there are signs of demand recovery in Q2 2025, with an increase in operating rates at coking plants [2]. - The average price index for low-sulfur and high-sulfur metallurgical coal increased by 3.2% and 2.4% month-on-month in April 2025, indicating a potential price rebound [2]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company has been revised down by 52% for 2025, 40% for 2026, and 13% for 2027, now projected at RMB 780 million, RMB 1.26 billion, and RMB 1.89 billion respectively [4]. - The target price has been adjusted down to RMB 9.84 from RMB 10.3, reflecting the revised profit expectations [4].

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

Investment Rating - The investment rating for Pingmei Shenma Group Co., Ltd. is "Buy" [3] Core Views - The company's performance has been negatively impacted by a decline in average coal prices, but it has significantly reduced costs. In Q1 2025, the company reported a revenue of 5.4 billion yuan, a year-on-year decrease of 34.5% and a quarter-on-quarter decrease of 22.44%. The net profit attributable to the parent company was 152 million yuan, down 79.5% year-on-year and 50.18% quarter-on-quarter [1][3] - The company has implemented a strategy to actively expand into Xinjiang, acquiring significant coal resources which are expected to enhance its core competitiveness and profitability. In October 2024, the company successfully acquired exploration rights for a coal mine with a resource reserve of 1.668 billion tons for 1.748 billion yuan [3] - The company is focusing on clean and efficient coal utilization and extending its industrial chain. It plans to establish a wholly-owned subsidiary to develop new high-end functional carbon materials, which is expected to enhance the added value of its coal products [3] Financial Summary - The company's total revenue for 2023 was 31.626 billion yuan, with a projected decline to 28.159 billion yuan in 2025, followed by a recovery to 35.056 billion yuan by 2027. The net profit attributable to the parent company is expected to decrease from 4.01 billion yuan in 2023 to 1.241 billion yuan in 2025, before gradually increasing to 1.661 billion yuan in 2027 [5] - The gross margin is projected to decline from 31.5% in 2023 to 22.5% in 2025, with a slight recovery to 21.9% by 2027. The return on equity (ROE) is expected to decrease from 15% in 2023 to 4.8% in 2025, before improving to 6.1% in 2027 [5]

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion and a net profit of 152 million, representing a year-on-year decrease of 34.69% and 79.50% respectively [1][2]. - The company is focusing on cost optimization to counteract the decline in coal prices, with successful implementation of underground filling mining technology and a reduction in coal production costs by 22 yuan per ton [3][4]. - The company has made strategic acquisitions, including a 60% stake in a coal company for approximately 660 million and securing exploration rights for a significant coal mine in Xinjiang [3]. Financial Summary - The company's projected financial performance shows a decline in revenue from 31.63 billion in 2023 to an estimated 24.42 billion in 2025, with a corresponding drop in net profit from 4.01 billion to 702 million [4][9]. - The earnings per share (EPS) is expected to decrease from 1.62 in 2023 to 0.28 in 2025, indicating a challenging financial outlook [4][9]. - The company's return on equity (ROE) is projected to fall from 15.0% in 2023 to 2.6% in 2025, reflecting the impact of declining profitability [4][9].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 5.4 billion yuan, down 34.69% year-on-year, and net profit at 152 million yuan, down 79.50% year-on-year [1][2] - The company is focusing on cost optimization to mitigate the impact of declining coal prices, with successful implementation of underground filling mining technology and a reduction in coal production costs by 22 yuan per ton [3][4] - The company has made strategic acquisitions, including a 60% stake in a coal company for approximately 660 million yuan, and has secured exploration rights for a significant coal mine in Xinjiang [3] Financial Summary - The company's projected financial performance shows a decline in revenue from 31.63 billion yuan in 2023 to an estimated 24.42 billion yuan in 2025, with a year-on-year growth rate of -19.3% [4] - The net profit is expected to drop sharply to 702 million yuan in 2025, reflecting a year-on-year decrease of 70.1% [4] - The earnings per share (EPS) is projected to be 0.28 yuan in 2025, significantly lower than 1.62 yuan in 2023 [4] - The company’s return on equity (ROE) is expected to decline to 2.6% in 2025 from 15.0% in 2023 [4] Operational Highlights - The company achieved a raw coal production of 7.5 million tons in Q1 2025, an increase of 13.1% year-on-year, while the sales volume of commercial coal decreased by 8.6% year-on-year [8] - The average selling price of commercial coal in Q1 2025 was 763 yuan per ton, down 34.0% year-on-year, while the comprehensive cost was 616 yuan per ton, down 26.1% year-on-year [8] - The company has a resource reserve of nearly 3 billion tons, with a focus on high-quality coking coal, which is in high demand in the market [8]

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、准确性和完整性承担个别及连带责任。 平顶山天安煤业股份有限公司（以下简称"公司"）第九届董事 会第四十二会议于 2025 年 4 月 23 日以书面、短信或电子邮件的方式 发出通知，于 2025 年 4 月 28 日以通讯表决的方式召开，会议由公司 董事长焦振营先生主持。本次会议应表决董事 15 人，实际表决董事 15 人。会议召开及程序符合《公司法》等法律、法规及《公司章程》 的有关规定。经与会董事审议，本次董事会会议以 15 票同意，0 票反 对，0 票弃权，审议通过 2025 年一季度报告。（全文详见上海证券交 易所网站） 证券代码：601666 证券简称：平煤股份 编号：2025-034 平顶山天安煤业股份有限公司 第九届董事会第四十二次会议决议公告 2025 年 4 月 29 日 本议案已经公司第九届董事会 2025 年第五次审计委员会事前认 可。 特此公告。 平顶山天安煤业股份有限公司董事会 ...