研报掘金丨民生证券：维持昊华能源“谨慎推荐”评级，Q4进入煤炭旺季

Core Viewpoint - Haohua Energy's net profit attributable to shareholders for the first three quarters of 2025 reached 554 million yuan, a year-on-year decrease of 50.5% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 106 million yuan, with a quarter-on-quarter decline of 59.3% and a year-on-year decline of 38.3% [1] - Coal production and sales in Q3 2025 decreased quarter-on-quarter, but a significant drop in costs led to a noticeable increase in gross profit margin [1] - Methanol sales in Q3 2025 increased quarter-on-quarter, with both gross profit margin and sales improving compared to the previous quarter [1] - The volume of railway dedicated line transport decreased quarter-on-quarter, and the decline in freight rates combined with rising costs resulted in a quarter-on-quarter decrease in gross profit margin [1] Outlook - The company's profitability declined quarter-on-quarter, but with Q4 entering the peak season for coal, a "cautious recommendation" rating is maintained [1]