研报掘金丨方正证券：予淮北矿业“强烈推荐”评级，在基本面向好的同时公司仍具成长潜力

Group 1 - The core viewpoint of the report is that Huaibei Mining, located in East China, possesses scarce coking coal resources and is steadily growing through new project investments [1] - The coking coal sector is expected to experience a weak start followed by a strong recovery in 2025, with a potential improvement in 2026 as new projects are launched [1] - The company is currently at a low point in terms of market conditions but is anticipated to see performance improvements in the future [1] Group 2 - The company primarily focuses on high-quality coking coal, with the resumption of operations at Xinhu and the commissioning of Taohutu providing additional output [1] - The profitability of coking coal enterprises is expected to rebound due to sustained demand and a reduction in competition [1] - The company is developing coking processes and integrating fine chemicals to enhance profit margins across the industry chain [1] Group 3 - With the improvement of the coal market fundamentals and the continuous advancement of new projects, the company still holds growth potential [1] - The report gives a "strong buy" rating based on the positive outlook for the company's future performance [1]