Jin Rong Jie·2026-01-22 07:52Core Viewpoint - Yanzhou Coal Mining Company has evolved from a local coal enterprise to a large international energy group through continuous mergers and acquisitions, establishing a diversified industrial chain with five main sectors: mining, advanced chemical new materials, high-end equipment manufacturing, smart logistics, and new energy [1] Company Overview - The company has rich coal resources with a wide distribution and significant capacity growth potential [1] - The coal chemical business is technologically advanced and has promising growth prospects, while other business segments are also performing well [1] Industry Outlook - The coal industry is expected to see a fundamental improvement by 2026, with a moderate increase in coal prices [1] - The company has a high market coal share, which provides it with elasticity, growth potential, and high dividend attributes [1] Valuation - The estimated reasonable valuation range for the company's stock in 2026 is between 15.9 and 17.2 yuan, indicating a premium of 15% to 24% compared to the closing price on January 19, 2026 [1] - The initial coverage rating is set at "outperform the market" [1]