Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's coal performance remains stable, benefiting from a high proportion of long-term contracts and a relatively independent regional supply-demand structure [3] - The company's thermal power business experienced slight declines in both volume and price, while wind and solar power generation saw significant increases [3] - The profitability of the electrolytic aluminum business has improved, with substantial growth potential in the future [3] - The steady progress of asset injections opens up long-term growth opportunities for the company [4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 14.464 billion yuan, a year-on-year increase of 2.38%, and a net profit attributable to shareholders of the parent company of 2.787 billion yuan, a year-on-year decrease of 5.36% [1] - The company's coal production in the first half of 2025 was 22.6308 million tons, a year-on-year decrease of 0.19%, while sales volume was 21.7745 million tons, a year-on-year decrease of 1.98% [3] - The average selling price of coal was 206 yuan per ton, a year-on-year decrease of 0.62%, while the unit cost of coal increased by 9.53% to 94 yuan per ton [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 5.644 billion, 6.386 billion, and 7.308 billion yuan, respectively [6] Business Segments - The coal segment generated revenue of 4.487 billion yuan in the first half of 2025, a year-on-year decrease of 2.59% [3] - The company's thermal power generation decreased by 2.64% to 241,595.25 million kWh in the first half of 2025, while renewable energy generation increased by 37.23% to 421,926.82 million kWh [3] - The electrolytic aluminum production increased by 0.98% to 452,300 tons in the first half of 2025, with a selling price of 17,952 yuan per ton, a year-on-year increase of 2.38% [3] Future Outlook - The company is positioned as a consolidation platform for coal, electricity, and aluminum businesses in the Inner Mongolia region, with significant growth potential through external mergers and acquisitions [4] - The ongoing asset injection, if successfully completed, is expected to significantly enhance the company's coal and electrolytic aluminum production capacity [4]

2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 20.80 | | 一年最高最低(元) | 22.34/15.08 | | 总市值(亿元) | 466.25 | | 流通市值(亿元) | 466.25 | | 总股本(亿股) | 22.42 | | 流通股本(亿股) | 22.42 | | 近 3 个月换手率(%) | 31.79 | 股价走势图 煤炭/煤炭开采 电投能源（002128.SZ） 煤铝一体且业绩韧性高，关注煤矿和绿电成长性 -20% 0% 20% 40% 2024-08 2024-12 2025-04 电投能源 沪深300 数据来源：聚源 相关研究报告 《氧化铝价增致业绩同比承压，集团 资产注入成长可期—公司 2025年一季 报点评报告》-2025.5.7 《煤电铝量增致业绩提升，关注煤铝 成长和绿电转型—公司 2024年报点评 报告》-2025.4.25 《Q3 业绩环比大增，关注分红提升和 绿 电 转 型 — 公 司 信 息 更 新 报 告 》 -2024.10.24 张绪成（分析师） zha ...

Core Insights - The report from Guosheng Securities indicates that Electric Investment Energy's net profit attributable to shareholders for the first half of the year is 2.787 billion yuan, a year-on-year decrease of 5.36% [1] - The company's net profit for Q2 2025 is projected to be 1.228 billion yuan, reflecting a year-on-year increase of 22.76% [1] Company Performance - The company has a certified production capacity of 48 million tons per year and has established itself as a leading brown coal sales enterprise in Northeast China after years of development [1] - The coal long-term contract price for 2025 is expected to remain stable compared to 2024, which will help enhance the profit resilience of the coal business in 2025 [1] - The planned coal production and sales for 2025 are 48 million tons and 48.24 million tons, respectively [1] Business Growth Potential - The electrolytic aluminum business is expected to provide flexibility and growth potential, with planned production and sales for 2025 set at 900,000 tons each [1] - The full capacity of the 445,000 wind power project in Tuquan County is expected to be operational by the end of 2024, alongside the orderly advancement of the 1.1 million kilowatt integrated wind and photovoltaic project in Tongliao City [1] - The company's new energy installed capacity is anticipated to significantly increase during the 14th Five-Year Plan period [1] Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [1]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 29 年 月 日 电投能源（002128.SZ） 业绩超预期，煤+铝龙头，弹性成长兼备 公司发布 2025 年半年度业绩公告。2025 年上半年公司营业收入 144.64 亿 元，同比增长 2.38%；归母净利润 27.87 亿元，同比减少 5.36%；2025Q2 营 业收入 69.26 亿元，同比增长 2.12%；归母净利润 12.28 亿元，同比增长 22.76%。 煤炭韧性凸显。 电解铝业务赋能弹性，成长可期。 绿电业务增量逐步兑现。 投资建议：我们预计公司 2025-2027 年实现归母净利润 59/60/64 亿元，对应 PE 为 8.0X、7.7X、7.3X，维持"买入"评级。 风险提示：电解铝价格大幅下跌；电价大幅下跌；煤炭价格不及预期。 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 煤炭开采 | | 前次评级 | 买入 | | 08 月 28 日收盘价（元） | 20.80 | | 总市值（百万元） | 46,624.73 | | 总股本（百万股） | 2,241.57 | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 14.464 billion yuan in the first half of 2025, representing a year-on-year growth of 2.4%, while the net profit attributable to shareholders decreased by 5.4% to 2.787 billion yuan [1]. - In Q2 2025, the company reported a revenue of 6.926 billion yuan, with a year-on-year increase of 2.1% but a quarter-on-quarter decrease of 8.1% [1]. - The coal production remained stable with a total output of 22.631 million tons in the first half of 2025, a slight decrease of 0.2% year-on-year, while the sales volume fell by 2.0% to 21.775 million tons [1][2]. - The company plans to acquire 100% equity of Baiyinhu Coal Power, which is expected to increase coal production capacity by 31.3% from 48 million tons to 63 million tons [3]. Financial Performance Summary - The company's coal business gross margin decreased by 3.2 percentage points to 54.8% in the first half of 2025, with coal revenue per ton at 201.2 yuan, down 0.7% year-on-year, and cost per ton at 91.0 yuan, up 6.8% [1]. - The electricity sales volume increased significantly, with a total of 6.64 billion kWh sold in the first half of 2025, a year-on-year increase of 19.4% [2]. - The gross margin for the electricity business improved by 1.8 percentage points to 45.4% [2]. - The company forecasts net profits attributable to shareholders for 2025-2027 to be 5.062 billion, 5.357 billion, and 5.735 billion yuan, respectively, with corresponding EPS of 2.26, 2.39, and 2.56 yuan per share [4][5].

截至2025年8月28日 10:26，国证有色金属行业指数(399395)上涨0.50%，成分股中国稀土(000831)上涨 8.28%，金力永磁(300748)上涨7.25%，电投能源(002128)上涨3.45%，铂科新材(300811)上涨3.28%，山 东黄金(600547)上涨3.11%。有色ETF基金(159880)上涨0.56%，最新价报1.43元。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 消息面上，稀土永磁板块快速走强，中国稀土盘中涨停，此前北方稀土等稀土企业半年度业绩大增，显 示稀土行业景气度积极向好。8月22日，三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办 法》，稀土行业迎来多重利好。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年7月31日，国证有色金属行业指数(399395)前十大 ...

Core Viewpoint - The company, Inner Mongolia Electric Power Investment Co., Ltd. (referred to as "the company"), is focused on enhancing its operational quality and expanding its energy matrix while maintaining a commitment to investor returns through stable dividend policies [6][9]. Group 1: Company Overview - The company reported total assets of 54.979 billion yuan, an increase of 6.48% year-on-year, and net assets attributable to shareholders of 35.807 billion yuan, up 3.48% year-on-year [6]. - The company achieved operating revenue of 14.463 billion yuan, reflecting a year-on-year growth of 2.38%, and a net profit attributable to shareholders of 2.786 billion yuan, with earnings per share of 1.24 yuan [6][7]. Group 2: Strategic Developments - The company is accelerating its green transition with approximately 5 million kilowatts of new energy installed capacity, including key projects such as 445,000 kilowatts of wind power in Tucheng and 110,000 kilowatts of wind-storage in Chifeng [7]. - The company produced 22.6308 million tons of raw coal and sold 21.7745 million tons during the first half of 2025, alongside generating 241,595.25 million kilowatt-hours of thermal power [7]. Group 3: Governance and Compliance - The company has implemented a governance framework to enhance information disclosure quality, ensuring compliance with legal and regulatory requirements [8]. - In the first half of 2025, the company disclosed 91 pieces of information through designated media, maintaining transparency and accuracy in its reporting [8]. Group 4: Investor Returns - The company has a consistent profit distribution policy, having distributed cash dividends totaling approximately 1.905 billion yuan in 2024 and 2025, with a plan to continue focusing on investor returns [9].

Group 1 - The company reported a revenue of 14.46 billion yuan for the first half of the year, representing a year-on-year increase of 2.38% [1] - The net profit attributable to shareholders of the listed company was 2.787 billion yuan, showing a year-on-year decrease of 5.36% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.724 billion yuan, which also reflects a year-on-year decline of 5.38% [1]

证券代码：002128 证券简称：电投能源 公告编号：2025051 内蒙古电投能源股份有限公司 关于"质量回报双提升"行动方案的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 绿色转型加快推进，新能源装机约 500 万千瓦，突泉 44.5 万千 瓦风电、赤峰 11 万千瓦风储等重点项目顺利建成投产，扎铝二期 35 - 1 - 万吨绿电铝项目正在向年底投产目标冲刺。 2025 年上半年实际生产原煤 2,263.08 万吨，销售原煤 2,177.45 万吨；火电发电量 241,595.25 万千瓦时，售电量 220,452.23 万千瓦时； 生产电解铝 45.23 万吨，售电解铝 45 万吨；风电光伏新能源发电量 421,926.82 万千瓦时，售电量 418,171.08 万千瓦时。圆满完成迎峰 度冬、迎峰度夏等时段保供任务，"暖心煤"连续 4 年交付农牧户， 央企担当在能源保供中充分彰显。 二是智改数转取得突破，智矿转型提质增效 2025 年上半年，围绕科技兴安、转型升级、效益提升三个方向， 推动科技创新与经营管理、产业转型有效融合。数智转型加力提 ...

1 内蒙古电投能源股份有限公司 2025 年半年度报告全文 内蒙古电投能源股份有限公司 内蒙古电投能源股份有限公司 2025 年半年度财务报告 （本财务报告未经审计） 2025 年 8 月 内蒙古电投能源股份有限公司 2025 年半年度报告全文 2025 年半年度财务报告 法定代表人：王伟光。 经营范围：煤炭开采；矿产资源勘查；测绘服务；道路货物运输（不含危 险货物）；电气安装服 务；建设工程设计；建设工程施工；发电业务、输电业务、 供（配）电业务；热力生产和供应、煤炭 及制品销售；土石方工程施工；矿山 机械销售；建筑工程用机械销售；发电机及发电机组销售；建筑 材料销售；化 工产品销售（不含许可类化工产品）；金属材料销售；电气设备修理；通用设备 制造 （不含特种设备制造）；机械零件、零部件加工；机械零件、零部件销售； 普通货物仓储服务（不含 危险化学品等需许可审批的项目）；非居住房地产租赁； 住房租赁；机械设备租赁；技术服务、技术 开发、技术咨询、技术交流、技术 转让、技术推广；信息咨询服务（不含许可类信息咨询服务）；肥 料销售；工程 管理服务；招投标代理服务；供冷服务；特种作业人员安全技术培训；业务培 训（ ...