甘肃能化(000552)：煤价下行拖累业绩 关注公司成长性

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance and market conditions [1]. Financial Performance - In H1 2025, the company's operating revenue was 3.72 billion yuan, a year-on-year decrease of 33.9% [1] - The net profit attributable to shareholders was a loss of 182 million yuan, a year-on-year decline of 120.3% [1] - In Q2 2025, the operating revenue was 1.80 billion yuan, down 35.7% year-on-year [1] - The net profit attributable to shareholders for Q2 was a loss of 233 million yuan, a year-on-year decline of 164.7% [1] Operational Data - Coal production in H1 2025 was 8.6716 million tons, a decrease of 16% year-on-year [1] - Coal sales were 6.6293 million tons, down 22.7% year-on-year [1] - The average selling price of coal was 318 yuan per ton, a decrease of 36.4% year-on-year [1] - The cost per ton of coal was 257 yuan, down 12.5% year-on-year [1] - Electricity generation was 1.976 billion kWh, an increase of 9.5% year-on-year, with sales of 1.878 billion kWh [1] - The comprehensive production of compound fertilizer was 99,000 tons, and urea production was 140,600 tons [1] Production Recovery - Wangjiashan and Jinhai mines have resumed production, which is expected to enhance the company's profitability in the second half of the year [2]. Ongoing Projects - Ongoing projects are progressing, indicating potential for future growth [3]. - The Jingtai Baiyanzi mine and coal preparation plant are undergoing completion acceptance and filing procedures [4]. - The Tianbao Hongshaliang open-pit mine is expected to complete acceptance by July 2025, with ongoing repairs and reinforcements for the first phase of the Hongshaliang mine and coal preparation plant [4]. - The Liu Chemical Gasification Phase I is advancing in acceptance procedures [4]. - The Lanzhou New Area combined heat and power project and the Qinyang 2×660MW coal power project are progressing smoothly, with the Lanzhou New Area 2×1000MW thermal power project completing decision-making processes and preliminary work [4]. Investment Outlook - Given the company's lower-than-expected coal production and sales, along with declining coal prices, the projected net profits for 2025-2027 are estimated to be -210 million yuan, 630 million yuan, and 970 million yuan, respectively [4].