hbky(SH:600985) Xin Lang Cai Jing·2025-10-30 13:10Core Viewpoint - Huabei Mining is a leading player in the coal industry, showcasing strong revenue performance but facing challenges in profitability compared to industry averages [2][3]. Group 1: Company Overview - Huabei Mining was established on March 18, 1999, and listed on the Shanghai Stock Exchange on April 28, 2004, with its headquarters in Huabei City, Anhui Province [1]. - The company operates a complete industrial chain of "coal-coke-chemical" and is a major producer of coking coal in East China, benefiting from significant scale and cost advantages [1]. Group 2: Financial Performance - As of Q3 2025, Huabei Mining reported revenue of 31.841 billion yuan, ranking first among 12 companies in the industry, significantly exceeding the industry average of 14.616 billion yuan [2]. - The company's net profit for the same period was 796 million yuan, placing it fourth in the industry, with the top performer, Shanxi Coking Coal, reporting 1.93 billion yuan [2]. Group 3: Financial Ratios - The company's debt-to-asset ratio stood at 48.70% in Q3 2025, slightly up from 48.09% year-on-year, which is lower than the industry average of 53.50%, indicating relatively low debt pressure [3]. - Huabei Mining's gross profit margin was 17.20%, down from 17.58% year-on-year, which is below the industry average of 22.28%, suggesting room for improvement in profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.50% to 45,300, while the average number of circulating A-shares held per shareholder increased by 1.52% to 59,400 [5]. - Notable changes among the top ten circulating shareholders include the entry of Guotai Junan CSI Coal ETF as the second-largest shareholder, holding 42.681 million shares [5]. Group 5: Future Outlook - The company has a coal production capacity of 35.85 million tons per year as of the end of 2024, with additional projects under construction expected to enhance production [5]. - Forecasts for net profit from 2025 to 2027 are 2.33 billion, 3.09 billion, and 3.92 billion yuan, respectively, with corresponding EPS of 0.86, 1.15, and 1.46 yuan [5]. - Analysts predict continued growth in coal production capacity and profitability improvements in the coal chemical sector, with projected net profits of 1.8 billion, 2.65 billion, and 3.8 billion yuan for 2025, 2026, and 2027, respectively [6].