研报掘金丨国盛证券：神火股份估值待重估，煤炭业务已出现拐点

Core Viewpoint - The report from Guosheng Securities indicates that Shenhua Co., Ltd. is experiencing a decline in net profit due to a significant drop in coal prices, impacting the profitability of its main products [1] Financial Performance - In H1 2025, the company's net profit attributable to shareholders is projected to be 1.9 billion yuan, a year-on-year decrease of 17% [1] - For Q1 and Q2 of 2025, the company achieved revenues of 9.6 billion yuan and 10.8 billion yuan, representing year-on-year growth of 17% and 8% respectively [1] - The net profit for Q1 and Q2 was 700 million yuan and 1.2 billion yuan, showing a year-on-year decline of 35% and a slight increase of 0.2% respectively, with Q2 showing a quarter-on-quarter increase of 69% [1] Market Position and Strategic Relationships - The stabilization of coal prices at the end of June may increase profit elasticity for the coal business in the second half of the year [1] - The company maintains a strong market position due to its high product quality and brand influence, supported by stable strategic partnerships with major domestic metallurgical enterprises like Baowu Steel [1] - As a leading player in the aluminum industry, the company benefits from cost advantages in its dual-base electrolytic aluminum operations in Yunnan, enjoying low-carbon premiums in hydropower aluminum, which enhances profit elasticity in its electrolytic aluminum business [1] Valuation Outlook - The coal business has shown signs of a turning point, suggesting that the company's valuation may be due for reassessment [1]