XINJI ENERGY(SH:601918) Xin Lang Cai Jing·2025-04-29 02:35Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.91 billion yuan, a year-on-year decrease of 4.85% [1] - The net profit attributable to shareholders was 530 million yuan, down 11.01% year-on-year, while the net profit excluding non-recurring items was 540 million yuan, a decrease of 7.62% [1] - The company reported a coal production of 5.54 million tons, an increase of 10.47% year-on-year, and a sales volume of 4.60 million tons, up 1.76% year-on-year [1] Group 2: Cost and Pricing Dynamics - The average selling price of coal was 560 yuan per ton, down 2.6% year-on-year, while the cost per ton was 324 yuan, a decrease of 6.5% year-on-year, leading to an increase in coal gross profit to 236 yuan per ton, up 3.4% year-on-year [1] - The overall coal sales revenue was 2.57 billion yuan, a slight decrease of 0.85% year-on-year, with internal sales revenue increasing significantly by 61.9% to 950 million yuan [1] Group 3: Power Generation and Future Plans - The commissioning of the second phase of the Banjic power plant resulted in a significant increase in power generation, with a total generation of 3.62 billion kWh, up 47.2% year-on-year [2] - The overall revenue from the power segment reached 1.28 billion yuan, reflecting a year-on-year increase of 35.0% [2] - Future capacity expansions include new power plants scheduled for completion by 2026, alongside the resumption of operations at Yangcun Mine [2] Group 4: Profit Forecast and Valuation - The company is projected to achieve operating revenues of 12.1 billion yuan, 14.2 billion yuan, and 14.4 billion yuan for 2025, 2026, and 2027 respectively, with a forecasted net profit of 2.12 billion yuan, 2.44 billion yuan, and 2.44 billion yuan [3] - The price-to-earnings ratio (PE) is expected to be 8.49, 7.39, and 7.39 for the respective years, while the price-to-book ratio (PB) is projected at 1.02, 0.89, and 0.78 [3]