Group 1 - The company relies on a coal-electricity integrated layout to achieve upstream and downstream synergy, with significant growth potential in its business [1] - As of Q3 2025, the company's coal-electricity installed capacity is 11.23 million kilowatts, with 4.02 million kilowatts under construction and 2 million kilowatts approved for construction [1] - The company has a coal production capacity of 24 million tons per year, with the Zhao Shipan coal mine expected to officially start production in 2026 [1] Group 2 - Shaanxi Province has effectively established a market price lower limit protection mechanism through institutional design, which includes monitoring market power and setting floating coefficients for benchmark electricity prices [2] - The retail side will see market prices determined by medium-to-long-term and spot market mechanisms starting in 2026, reducing disorderly price suppression [2] - The company’s power generation units are mostly advanced new units, with 89.04% of approved installations being supercritical units, which are expected to lower operational costs further [2] Group 3 - The company is actively promoting diversification in its energy business, with a strategic focus on renewable energy as a key direction for transformation [3] - The electricity pricing mechanism for renewable energy projects in Shaanxi Province is set to provide clear and favorable price expectations for new projects [3] - The company is expanding its business scope beyond combined heat and power, with resource recycling and new business models like charging and swapping stations being developed [3] Group 4 - The company is projected to have revenues of 22.56 billion, 26.46 billion, and 29.17 billion yuan for 2025-2027, with growth rates of -2.6%, 17.3%, and 10.2% respectively [4] - The net profit attributable to the parent company is expected to be 2.72 billion, 3.23 billion, and 3.47 billion yuan for the same period, with growth rates of -9.6%, 18.9%, and 7.4% respectively [4] - The company is given a target price of 10.34 yuan based on a 12x PE for 2026, with an "Accumulate-A" investment rating [4]
陕西能源(001286)：煤电一体化协同增效 电价降幅可控