XINJI ENERGY(SH:601918) Xin Lang Cai Jing·2025-10-28 08:28Core Insights - The company reported a revenue of 9.01 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.95% [1] - The net profit attributable to shareholders was 1.477 billion yuan, down 19.06% year-on-year [1] - The company maintained an "overweight" investment rating, anticipating significant profit growth following the commissioning of new power plants in 2026 [3] Revenue and Profit Summary - For Q3 2025, the company achieved a revenue of 3.199 billion yuan, a slight year-on-year decline of 0.16% but a quarter-on-quarter increase of 10.25% [1] - The net profit for Q3 was 555 million yuan, down 14.24% year-on-year but up 43.12% quarter-on-quarter [1] Coal Business Performance - The company produced 4.7435 million tons of commodity coal in Q3 2025, a year-on-year increase of 4.86% [1] - The average selling price of commodity coal was 513 yuan per ton, reflecting a year-on-year decrease of 8.0% but a quarter-on-quarter increase of 3.0% [2] - The gross margin for commodity coal was 36.11%, a year-on-year decrease of 2.12 percentage points but an increase of 2.35 percentage points quarter-on-quarter [2] Power Generation Performance - The company generated 4.365 billion kWh of electricity in Q3 2025, a year-on-year increase of 9.29% and a quarter-on-quarter increase of 43.44% [2] - The average selling price of electricity was 0.3715 yuan per kWh, down 8.45% year-on-year [2] Future Growth Prospects - The company is focusing on improving efficiency in existing coal mines and has restarted the reconstruction of the Yangcun coal mine [3] - The company has a total installed capacity of 3.344 million kW in operation and is constructing new power plants with a combined capacity of 4.64 million kW, expected to be operational by 2026 [3] - The projected net profits for 2025-2027 are 2.037 billion, 2.286 billion, and 2.426 billion yuan, respectively, with expected growth in profits following the commissioning of new power plants [3]