平煤股份(601666)：焦煤业绩承压 经营压力有望好转

Core Viewpoint - The company reported a significant decline in revenue and net profit for H1 2025, with a strategic plan to enhance growth prospects through asset injections and a new market strategy [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 10.12 billion yuan, a year-on-year decrease of 37.95% [1]. - The net profit attributable to shareholders was 258 million yuan, down 81.53% year-on-year [1]. - Q2 2025 saw a net profit of 106 million yuan, reflecting an 83.82% decline compared to the previous year [1]. - The company produced 14.53 million tons of raw coal in H1 2025, an increase of 2.26% year-on-year [1]. - The sales volume of main commodity coal was 11.74 million tons, down 12.98% year-on-year, with self-produced commodity coal sales at 9.77 million tons, a decrease of 15.35% [1]. - Average coal price was 768 yuan per ton, down 29.4% year-on-year, while average cost was 619 yuan per ton, down 19.7% [1]. - The gross profit per ton was 149 yuan, a decrease of 53.0% year-on-year [1]. Strategic Developments - The company plans to implement the "East Pulling West Going Overseas" strategy, acquiring exploration rights for the Baiyanghe Mine in Xinjiang with a resource volume of 1.668 billion tons and a 60% stake in the Siku Tree Coal Mine [2]. - To address industry competition, the group will inject coking and coal assets into the listed company and its subsidiaries, including several coal and chemical enterprises [2]. - The company is actively pursuing cost reduction and efficiency improvement initiatives, including a significant reduction in workforce by 43.0% since 2020, with 42,366 employees by the end of 2024 [2]. Future Outlook - Projected net profits for 2025-2027 are 432 million yuan, 1.28 billion yuan, and 1.792 billion yuan, reflecting a year-on-year change of -81.59%, +195.94%, and +40.04% respectively [2]. - Earnings per share (EPS) are expected to be 0.18, 0.52, and 0.73 yuan for the same period [2]. - With anticipated macroeconomic improvements and potential recovery in the coking coal price, the company’s growth potential is expected to increase due to strategic asset injections and market positioning [2].