Haohua Energy(SH:601101) Xin Lang Cai Jing·2025-08-28 00:28Core Viewpoint - The company faces pressure on performance due to a significant drop in coal prices, leading to a focus on the growth potential of coal mines and high dividend payouts. The "Buy" rating is maintained. Financial Performance - In H1 2025, the company reported revenue of 4.4 billion yuan, a decrease of 7.17% year-on-year, and a net profit attributable to shareholders of 450 million yuan, down 47.82% year-on-year. The adjusted net profit after excluding non-recurring items was also 450 million yuan, reflecting a decline of 48.37% year-on-year [1]. - In Q2 2025, the company achieved revenue of 1.86 billion yuan, a quarter-on-quarter decrease of 26.72%, and a net profit of 170 million yuan, down 37.94% quarter-on-quarter. The adjusted net profit after excluding non-recurring items was 180 million yuan, a decrease of 35.54% quarter-on-quarter [1]. Coal Industry Performance - In H1 2025, coal production and sales reached 9.757 million tons and 9.713 million tons, respectively, with year-on-year increases of 2.69% and 2.22%. In Q2 2025, coal production and sales were 4.874 million tons and 4.969 million tons, showing a quarter-on-quarter decrease of 0.18% and an increase of 4.75% [2]. - The average selling price of coal in H1 2025 was 362 yuan per ton, down 17.03% year-on-year. In Q2 2025, the selling price was 334.9 yuan per ton, a quarter-on-quarter decrease of 14.22% [2]. - The gross profit per ton of coal in H1 2025 was 136.5 yuan, a decline of 43.34% year-on-year, with a gross profit margin of 37.71%, down 17.5 percentage points year-on-year. In Q2 2025, the gross profit per ton was 111.5 yuan, a quarter-on-quarter decrease of 31.46%, with a gross profit margin of 33.3%, down 8.4 percentage points quarter-on-quarter [2]. Methanol and Railway Transport - In H1 2025, methanol production and sales were 260,000 tons and 248,000 tons, respectively, with year-on-year changes of +4.03% and -0.32%. In Q2 2025, production and sales were 128,000 tons and 113,000 tons, showing a quarter-on-quarter increase of 1.9% and a decrease of 7.4% [3]. - The average selling price of methanol in H1 2025 was 1,838 yuan per ton, a slight decrease of 0.2% year-on-year. In Q2 2025, the price was 1,814 yuan per ton, down 2.27% quarter-on-quarter [3]. - The gross profit per ton of methanol in H1 2025 was 169 yuan, with a gross profit margin of 9.2%, an increase of 227 yuan per ton compared to H1 2024. In Q2 2025, the gross profit per ton was 207 yuan, a quarter-on-quarter increase of 50.18%, with a gross profit margin of 11.4% [3]. - In H1 2025, railway transport volume reached 4.05 million tons, a year-on-year increase of 23.7%. In Q2 2025, the transport volume was 2.1541 million tons, a quarter-on-quarter increase of 13.49% [3]. - The average transport price in H1 2025 was 22 yuan per ton, down 7.17% year-on-year. In Q2 2025, the price remained at 22 yuan per ton, a quarter-on-quarter decrease of 2.1% [3]. - The gross profit per ton of railway transport in H1 2025 was 15.7 yuan, with a gross profit margin of 71.1%, a year-on-year increase of 0.78 percentage points. In Q2 2025, the gross profit per ton was 15.5 yuan, a quarter-on-quarter decrease of 2.11%, with a gross profit margin of 71.1% [3]. Capacity Release and Dividend Outlook - The company is steadily advancing key engineering projects, with the Hongdun Coal Mine and Hongyi Coal Mine completed and operational under smart mining requirements. The company primarily sells thermal coal, with a high proportion of long-term contracts, and expects to benefit from price elasticity during coal price upcycles [4]. - The company plans to distribute a cash dividend of 0.458 yuan per share (before tax) in 2024, which corresponds to a dividend yield of 5.9% based on the closing price on August 25, 2025. Future performance is expected to improve with capacity release and coal price adjustments, leading to higher dividend levels [4].