大行评级丨中银国际：上调中国神华目标价至42.5港元 上调2025至27年盈利预测

Group 1 - The core viewpoint of the report indicates that China Shenhua's net profit for the third quarter decreased by 6% year-on-year to 14.7 billion yuan, but increased by 13% quarter-on-quarter, driven by strong performance in the power business [1] - The report forecasts that the company's earnings will remain flat quarter-on-quarter in Q4 2025, as rising costs and unfavorable changes in coal sales structure will offset the benefits from rising coal prices [1] - Due to strong earnings performance in Q3 2025, the earnings forecast for 2025 to 2027 has been raised by 7% to 10%, with a reiteration of the "Hold" rating and an increase in the target price from 39.48 HKD to 42.5 HKD [1]