研报掘金丨广发证券：维持陕西煤业“买入”评级，资源禀赋优异，盈利能力突出

Core Viewpoint - The report from GF Securities highlights Shaanxi Coal and Chemical Industry's significant resource endowment advantages, benefiting from cost control and power growth, leading to outstanding profitability and cash flow [1] Group 1: Financial Performance - The company has a remarkable resource endowment and strong profitability, with a non-deductible ROE of 12% in the first three quarters, placing it at the industry-leading level [1] - Since the second half of the year, coal prices have steadily rebounded, resulting in a significant performance improvement compared to Q2 [1] Group 2: Business Growth and Projects - The company holds a 45.33% stake in Shaanxi Coal Supply Chain Co., Ltd., and the debt pressure of the associated company needs further observation [1] - Medium to long-term growth in coal and power businesses is clear, with projects like Xiaohatu No. 1 and Western Exploration Area expected to advance and release capacity, indicating potential for resource integration [1] - The company has 11,320 MW of thermal power units under construction, representing a 1.3 times increase compared to current capacity [1] Group 3: Dividend and Valuation - The company maintains a dividend payout ratio of over 60%, highlighting its long-term value [1] - Expected net profits attributable to the parent company for 2025-2027 are projected to be 17.2 billion, 17.9 billion, and 18.6 billion yuan respectively, with a maintained reasonable value of 26.63 yuan per share and a "buy" rating [1]