研报掘金丨国盛证券：维持电投能源“买入”评级，煤+铝龙头，弹性成长兼备

Core Insights - The report from Guosheng Securities indicates that Electric Investment Energy's net profit attributable to shareholders for the first half of the year is 2.787 billion yuan, a year-on-year decrease of 5.36% [1] - The company's net profit for Q2 2025 is projected to be 1.228 billion yuan, reflecting a year-on-year increase of 22.76% [1] Company Performance - The company has a certified production capacity of 48 million tons per year and has established itself as a leading brown coal sales enterprise in Northeast China after years of development [1] - The coal long-term contract price for 2025 is expected to remain stable compared to 2024, which will help enhance the profit resilience of the coal business in 2025 [1] - The planned coal production and sales for 2025 are 48 million tons and 48.24 million tons, respectively [1] Business Growth Potential - The electrolytic aluminum business is expected to provide flexibility and growth potential, with planned production and sales for 2025 set at 900,000 tons each [1] - The full capacity of the 445,000 wind power project in Tuquan County is expected to be operational by the end of 2024, alongside the orderly advancement of the 1.1 million kilowatt integrated wind and photovoltaic project in Tongliao City [1] - The company's new energy installed capacity is anticipated to significantly increase during the 14th Five-Year Plan period [1] Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [1]