XINJI ENERGY(SH:601918) Xin Lang Cai Jing·2025-10-28 06:34Core Viewpoint - The company has adjusted its profit forecast and target price, maintaining a buy rating, despite a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved total operating revenue of 9.01 billion yuan, a year-on-year decrease of 1.95% [2]. - The net profit attributable to shareholders for the same period was 1.477 billion yuan, down 19.06% year-on-year, with Q3 net profit at 556 million yuan, a decrease of 14.24% year-on-year but an increase of 43.12% quarter-on-quarter [2]. - The company has revised its EPS forecasts for 2025-2027 to 0.83, 0.90, and 0.95 yuan, up from previous estimates of 0.72, 0.76, and 0.80 yuan [2]. Group 2: Production and Sales - The company reported a coal production of 14.68 million tons for the first three quarters of 2025, an increase of 5.74% year-on-year, and coal sales of 14.47 million tons, up 4.95% year-on-year [2]. - In Q3, coal production was 4.74 million tons, a year-on-year increase of 4.86%, while coal sales reached 5.03 million tons, up 7.53% year-on-year [2]. Group 3: Pricing and Profitability - The average selling price of coal in Q2 was 513 yuan per ton, down 45 yuan year-on-year but up 15 yuan quarter-on-quarter, with a cost of 328 yuan per ton [3]. - Q3 saw a recovery in coal prices, with current port coal prices rising to around 770 yuan per ton, indicating potential for further improvement in the coal segment's performance [3]. Group 4: Power Generation - The company generated 110.31 billion kilowatt-hours of electricity in the first three quarters, a year-on-year increase of 28.21%, with an average on-grid electricity price of 0.3715 yuan per kilowatt-hour, down 8.45% year-on-year [3]. - In Q3, electricity generation was 41.02 billion kilowatt-hours, up 9.01% year-on-year, and the average on-grid price was 0.3713 yuan per kilowatt-hour, down 6.98% year-on-year but up 1.01% quarter-on-quarter [3]. Group 5: Coal-Power Integration - The company currently operates a controlling installed capacity of 3.344 million kilowatts and is preparing to construct several power plants, which are expected to increase the controlling installed capacity by 139% upon completion in 2026 [4].