pingmei coal(SH:601666) Xin Lang Cai Jing·2025-11-01 00:27Core Viewpoint - The company's performance is under pressure due to a significant decline in coal prices, but strategic restructuring opens up growth opportunities, maintaining a "buy" rating [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 14.816 billion yuan, a year-on-year decrease of 36.46% [1] - The net profit attributable to shareholders was 280 million yuan, down 86.32% year-on-year, while the net profit after deducting non-recurring items was 337 million yuan, a decrease of 83.54% [1] - In Q3 alone, the company reported operating revenue of 4.696 billion yuan, a quarter-on-quarter decline of 0.51%, with a net profit of 22 million yuan, down 79.45% quarter-on-quarter [1] Group 2: Coal Price and Cost Management - The company's main coking coal long-term contract price rebounded from 1,340 yuan/ton at the end of Q2 to 1,520 yuan/ton on August 1, maintaining relative stability in Q3 [2] - Q3 operating costs were approximately 4.618 billion yuan, slightly lower than the operating revenue, indicating that gross profit is nearing the breakeven point [2] - Inventory increased by 135.08% to 1.301 billion yuan compared to the beginning of the year, primarily due to a slowdown in sales during the first half of the year [2] Group 3: Strategic Restructuring and Efficiency Improvements - On September 25, 2025, the company's controlling shareholder announced a strategic restructuring with Henan Energy Group, aiming for deep integration of the "coal-coke-chemical-new energy" industry chain [3] - The company has successfully reduced coal costs to approximately 620 yuan per ton in the first half of 2025, with expectations to lower it below 600 yuan in the second half [3] - Management expenses decreased significantly by 58.2% year-on-year in the first three quarters, providing crucial support for profits [3] Group 4: Future Growth and Shareholder Returns - The company is steadily advancing its projects in Xinjiang, with the Sijia Tree coal mine contributing over 11 million yuan in profits in the first half of the year [3] - The company is committed to maintaining a 60% cash dividend payout ratio from 2023 to 2025, reflecting management's confidence in the company's long-term value [3]