Ge Long Hui·2025-08-19 05:43Industry Overview - As of this year, the prices for thermal coal and coking coal in China are 680 RMB per ton and 1280 RMB per ton respectively, representing a decrease of approximately 50% compared to 2022 [1] - The firm holds a neutral view on the coal industry, expecting price stabilization in the second half of this year and into next year due to slowing supply growth and reduced coal imports, alongside strong coal demand [1] Company Forecasts - The earnings forecast for China Shenhua for 2025 to 2027 has been raised by 7% to 29%, with the target price increased from 32 HKD to 38 HKD, maintaining a "neutral" rating [1] - Yanzhou Coal Mining's earnings forecast for 2026 and 2027 has been increased by 20% to 21%, with the target price raised from 8 HKD to 9 HKD, reiterating an "underperform" rating [1] - The rating for China Coal Energy remains "neutral," with the target price adjusted from 8.5 HKD to 11 HKD [1]