研报掘金丨华源证券：维持陕西煤业“买入”评级，煤电双轮驱动Q3业绩修复

Core Viewpoint - Shaanxi Coal Industry reported a net profit attributable to shareholders of 12.71 billion yuan for Q1-Q3 2025, a year-on-year decrease of 27.2% [1] - In Q3 2025, the net profit attributable to shareholders was 5.07 billion yuan, down 20.3% year-on-year but up 79.1% quarter-on-quarter [1] Financial Performance - The first three quarters saw an increase in sales volume but a decrease in profit, indicating a recovery in Q3 driven by coal and electricity dual engines [1] - The company's electricity business experienced a significant rebound in Q3, narrowing the annual decline in electricity sales [1] Strategic Focus - The company is enhancing performance stability by focusing on its coal and electricity main business and increasing sales of trust products [1] - Shaanxi Coal's abundant and high-quality coal resources solidify its position as an industry leader, with notable cost advantages [1] Future Outlook - The integrated coal and electricity operations present a promising outlook, with stable dividends and potential for significant profit elasticity during coal price recovery [1] - The company maintains a "buy" rating based on its strong fundamentals and market position [1]