pingmei coal(SH:601666) Xin Lang Cai Jing·2025-05-02 10:37Core 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].