新集能源(601918)：煤电一体深化 业绩稳定性有望进一步增强

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to falling coal prices and increased operational costs in the coal and electricity sectors [1][2][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.811 billion yuan, a year-on-year decrease of 2.91% [1] - The net profit attributable to shareholders was 920 million yuan, down 21.72% year-on-year [1] - The basic earnings per share were 0.36 yuan, reflecting a 20.00% decrease compared to the previous year [1] - For Q2 2025, the operating revenue was 2.901 billion yuan, a decrease of 0.89% year-on-year and 0.29% quarter-on-quarter [1] Group 2: Coal Business Performance - The company's coal production in the first half of 2025 was 9.9372 million tons, an increase of 6.16% year-on-year [2] - The average selling price of coal in the first half of 2025 was 689 yuan per ton, down 21.45% year-on-year [3] - The cost of coal per ton was 327 yuan, a decrease of 3.51% year-on-year [3] - The coal business faced pressure with a selling price of 498 yuan per ton in Q2 2025, down 10.00% year-on-year [4] Group 3: Electricity Business Performance - The electricity generation in the first half of 2025 was 6.666 billion kWh, an increase of 44.60% year-on-year [5] - The average on-grid electricity price was 0.37 yuan per kWh, a decrease of 9.70% year-on-year [5] - The average electricity cost was 0.22 yuan per kWh, significantly down 30.66% year-on-year [5] - The unit gross profit for the electricity business was 0.15 yuan per kWh, a substantial increase of 66.60% year-on-year [5] Group 4: Future Outlook - The company is advancing its coal-electricity integration strategy with new power plants expected to be operational by 2026 [6] - The company aims to counteract the downward pressure on electricity prices through scale expansion and increased electricity generation [6] - Revenue forecasts for 2025-2027 have been adjusted to 12.790 billion, 15.598 billion, and 18.362 billion yuan, respectively [7]