XINJI ENERGY(SH:601918) Xin Lang Cai Jing·2025-08-26 04:32Core Viewpoint - In the first half of 2025, the company reported a decline in both revenue and net profit, indicating challenges in the coal and power generation sectors despite some operational improvements [1][2][3]. Financial Performance - 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 return on equity (ROE) was 5.76%, a decrease of 2.66 percentage points year-on-year [2]. Coal Business - In the first half of 2025, the company saw a 6.2% increase in coal production, reaching 9.94 million tons, and a 3.6% increase in coal sales, totaling 9.43 million tons [3]. - The average coal price was 529 yuan per ton, down 6% year-on-year, while the cost per ton was 327 yuan, a decrease of 3.5% [3]. - The gross profit per ton of coal was 201 yuan, down 10.6%, with a gross profit margin of 38% [3]. Power Generation Business - The company reported a 45% increase in electricity generation, with a total of 6.7 billion kWh produced in the first half of 2025 [5]. - The average on-grid electricity price was 0.3716 yuan per kWh, down 9.7% year-on-year [5]. - In the second quarter of 2025, electricity generation was 3.04 billion kWh, a decrease of 16% quarter-on-quarter but an increase of 41.7% year-on-year [5]. Construction and Development - The company is actively developing its coal-electricity integration strategy, with several power plants under construction, including the Banji Power Plant and the Lixin Wind Power Project [6]. - The Banji Power Plant's second phase is expected to be operational by 2026, contributing to the company's capacity of 7.98 million kW [6]. Future Outlook - Revenue projections for 2025-2027 are 12.2 billion, 13.4 billion, and 16.1 billion yuan, with net profits expected to be 1.9 billion, 2.2 billion, and 2.7 billion yuan respectively [7]. - The company maintains a "buy" rating, anticipating support from improved coal quality and increased power generation despite current coal price fluctuations [7].