大同证券给予山煤国际“谨慎推荐”评级：三季度营收边际好转，公司成功竞得产能指标

Group 1 - The core viewpoint of the report is that Datong Securities has given Shanmei International (600546.SH, latest price: 11.3 yuan) a "cautious recommendation" rating [1] - The reasons for the rating include an increase in self-produced coal production and sales in Q3, along with a decrease in selling prices, and a decline in both volume and price of traded coal [1] - There has been a significant improvement in cash flow, and the subsidiary successfully obtained coal production capacity indicators [1] Group 2 - The report highlights the increased uncertainty in the international environment and the potential for coal demand to fall short of expectations as a risk factor [1]