lu'an EED(SH:601699) Xin Lang Cai Jing·2025-09-01 14:28Core Insights - The company reported a revenue of 14.069 billion yuan for the first half of 2025, a year-on-year decrease of 20.31%, and a net profit attributable to shareholders of 1.348 billion yuan, down 39.44% year-on-year [1] - In Q2 2025, the company achieved a revenue of 7.101 billion yuan, a decline of 21.05% year-on-year, with a net profit of 691 million yuan, down 26.39% year-on-year [1] - Coal prices have decreased, while production remained stable, leading to a decline in sales [1] Revenue and Sales Performance - In H1 2025, the company produced 28.63 million tons of raw coal, an increase of 3.5% year-on-year, and sold 25.25 million tons of commercial coal, up 2.9% year-on-year [1] - The sales of injection coal reached 10.83 million tons, a year-on-year increase of 15.7% [1] - In Q2 2025, coal production was 15.06 million tons, up 4.4% year-on-year, and sales were 13.38 million tons, an increase of 5.0% year-on-year, with injection coal sales at 5.66 million tons, up 18.7% year-on-year [1] Pricing and Cost Analysis - The average selling price of coal was 516 yuan per ton, down 24.4% year-on-year, with Q2 pricing at 478 yuan per ton, a decrease of 29.5% year-on-year [1] - The company achieved a cost of 318 yuan per ton in H1 2025, a reduction of 14.4% year-on-year, with total coal costs of 8 billion yuan, down 12.0% year-on-year [2] - In Q2, the cost per ton was 298 yuan, down 18.4% year-on-year, with total costs of 3.99 billion yuan, a decrease of 14.3% year-on-year [2] Profitability and Future Prospects - The company reported a gross profit of 5 billion yuan from coal operations in H1 2025, a decline of 34.5% year-on-year, with Q2 gross profit at 2.4 billion yuan, down 39.5% year-on-year [2] - The company has several ongoing and planned mining projects, with a total of 8.5 million tons per year in construction capacity, which is expected to enhance production in the future [2] - The company has maintained a high dividend payout ratio of over 50% from 2022 to 2024, with cash reserves of 12.3 billion yuan as of mid-2025, indicating strong liquidity [2] Earnings Forecast - The projected net profit attributable to shareholders for 2025-2027 is 1.942 billion, 2.036 billion, and 2.139 billion yuan, reflecting a year-on-year change of -22.62%, +6.19%, and +9.58% respectively [3] - The expected earnings per share (EPS) for the same period are 0.65, 0.68, and 0.72 yuan [3] - As the peak demand season approaches, the company is expected to benefit from increased metallurgical coal demand and potential price increases [3]